Shang Properties to redevelop flagship mall

MANILA, Philippines — Listed luxury property developer Shang Properties Inc. is bullish on its continued growth this year as it lines up expansion projects that will boost the company’s portfolio.

Shang Properties executive vice president for commercial Rochelle Diaz said the company intends to launch two new projects this year.

In addition, it is looking to redevelop its flagship mall in Ortigas Center.

“At Shang Properties, we are certainly pleased with the health and growth in our core business units, but believe that the best lies ahead of us,” Diaz said.

“We are extremely optimistic about the future plans and projects in our pipeline and the opportunity to grow our footprint domestically. We have two new project launches still to come in 2024, along with the redevelopment of our flagship mall Shangri-La Plaza, which is sure to delight a whole new generation of consumers,” she said.

Shang Properties said a promising economic outlook, rising hotel occupancy and strategic land acquisitions “all point the way to an exciting future” for the company.

The company has recovered from the pandemic with higher revenues from property development and improved occupancy within the leasing business.

The return of tourism and unrestricted movement post-pandemic have likewise boosted its hotel and retail businesses.

Last year, the company launched two new projects namely Laya by Shang Properties and Haraya Residences, under the joint venture company Shang Robinsons Properties Inc., which added more than 1,800 residential units to the market.

The company saw its profit surge by 53 percent to P5.5 billion in 2023 as revenues expanded by 25 percent to P9.8 billion.