MANILA, Philippines — Listed luxury property developer Shang Properties Inc. has acquired a subsidiary of San Miguel Properties Inc. (SMPI) for P2.5 billion.
Shang Properties said it has entered into a deed of absolute sale with SMPI for the purchase of its 100-percent equity in Rapidshare Realty and Development Corp.
“Such transaction effectively vests upon the issuer control and ownership of the corporation’s non-moving business and assets,” Shang Properties said in a disclosure to the Philippine Stock Exchange.
Rapidshare Realty owns land in Barangay Wack-Wack, Greenhills in Mandaluyong.
Shang Properties earlier said that 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 month, Shang Properties broke ground for its first residential project in Quezon City called Shang Summit.
Shang Summit will be composed of East and West towers, with the East Tower the first to rise, offering 1,020 elegantly appointed residential units.
Aside from project launches, Shang Properties is looking to redevelop its flagship mall Shangri-La Plaza in Ortigas Center.
Shang Properties has been a key player in the country’s property development scene since 1987.
It specializes in office and retail leasing as well as residential development, with a vision to be the leading developer and manager of prime properties in the country.
The company owns the Shangri-La Plaza Mall and holds a 70-percent stake in KSA Realty Corp., which owns The Enterprise Center.