Kuok unit sees robust Phl sales

MANILA, Philippines - The local property unit of Malaysia’s Kuok Group said it expects to sustain a healthy profit growth for the rest of the year as demand for its residential projects remains robust.

At the same time, Shang Properties Inc. will put up a new residential project next year to take advantage of the booming property sector, a company official said.

“We anticipate the remainder of the year to also show very robust growth because sales for One Shangri-La Place and Shang Salcedo Place are doing very well,” said Wilfred Woo, Shang Properties director and executive assistant to the chairman.

He said the property firm has so far sold 82 percent of One Shangri-La Place and 22 percent of Shang Salcedo Place.

In the first quarter, Shang Properties earned 20 percent more at P358.3 million while consolidated revenues surged 54.9 percent to P1.32 billion, driven by higher sales from One Shangri-La Place.

One Shangri-La Place, the company’s largest development to date, is targeted for completion in 2014.  It comprises twin skyscrapers housing 1,304 units above the six-level Shangri-La Plaza mall.

One Shangri-La Place is expected to be completely sold out in the next six to eight months while existing inventory for Shang Salcedo Place will be sold in the next 24 months.

The 64-story Shang Salcedo Place is located on a 3,045-square meter lot in Makati’s Salcedo Village. Estimated to cost around P5 billion, the project offers a total of 778 units, targeted for turnover to residents by 2015.

In the next few years, Shang Properties is hoping to sell more residential units.

Woo said Shang Properties has a 10,000-square meter lot in Malugay St. in Makati that is undergoing advanced planning.