Shangri la Condos
Shang Properties, Inc. is the property development arm of The Kuok Group in the Philippines with core businesses in office and retail leasing, and residential development in Shangri la condos. Shang Properties earns over Php1.5 billion in lease income annually through the Shangri-La Plaza mall in Ortigas Center and the Enterprise Center in Makati.
In 2002, the company expanded its business portfolio by entering the residential condominium market with its first project, the Php2 billion, 46-storey Shangri la condo – The Shang Grand Tower. The project was well received, completed in record time, and has since completely sold out. Following the success of the Shang Grand Tower, the company proceeded to build more Shangri la condos including the twin tower 60-storey St. Francis Shangri-La Place, located within its 8.6 hectare property in Ortigas Center and linked to the 5-star Edsa Shangri-La hotel and the Shangri-La mall via comfortable walkways. The project’s estimated cost is Php5 billion and is on schedule for its target completion in 2009. In 2007, the group was able to solidify its strengths and efficiencies with the merger of Edsa Property Holdings and Kuok Philippine Properties into Shang Properties, Inc. in 2007, almost doubling its profitability in the process. Shang Properties also purchased a 1.5 hectare piece of prime property in Bonifacio Global City which is the future site of the Shangri-La at the Fort hotel and luxury residences. In 2008, it acquired the shares of San Miguel Properties Inc. (SMPI) in KSA Realty Corporation, owner of The Enterprise Center in the Makati Central Business District, making Shang Properties the majority owner of the building. The group continues to achieve significant progress in its core businesses. The St. Francis Shangri-La Place has hit almost Php2 billion in gross sales; occupancy rates of Shangri-La Plaza and the Enterprise Center are in the high 90’s and consistently exceed industry standards.