Shang Properties plans 65-story residential condo in Makati

MANILA, Philippines - High-end realty developer Shang Properties Inc. is stepping up its presence in the burgeoning Makati Central Business District with plans to build a 65-story residential condominium in Legaspi Village, costing as much as P4.5 billion.

On the sidelines of the company’s annual stockholders meeting yesterday, Shang Properties chief finance officer Vicente P. Formoso said the project, which comes on the heels of the success of The Shang Grand Tower in Makati, will house 600 to 700 studio, one-bedroom and two-bedroom units when completed in 2014 or 2015.

Shang Properties acquired the property from publicly-listed Phinma Corp. for P615 million.

This will be the company’s third project in the Makati financial district following the Enterprise and Shang Grand Tower.

Formoso said the company remains upbeat on the property sector amid improving consumer spending, a stable economy and the low interest rate environment.

Other projects of the company include One Shangri-la Place, a posh twin tower residential development that will feature over 1,300 units located atop the six-level retail podium of the Shangri-la Plaza expansion mall; and the Shangri-La at the Fort in Bonifacio Global City, which when completed will have 577 hotel rooms, 96 service apartments and 96 of the most luxurious residential condominium units in the market.

Formoso said the first tower of One Shangri-La Place, is already 80 percent sold and that the company is gearing up to launch the second tower, which will have approximately 690 units, in the latter part of the year.

The new shopping mall will be house up to 150 high-end and iconic brands and feature more fine dining restaurants.