Shang Properties seeks partners to develop Makati, Bonifacio properties

MANILA, Philippines - Shang Properties, Inc. is on a lookout for partners that may be interested in helping develop its properties in Makati, Fort Bonifacio, Cavite, Tagaytay, and Batangas. However, president and chief executive Andres D. Bautista said the development is unlikely to happen this year. The company is on the alert for “good opportunities" for some 474.74 hectares of undeveloped land, Bautista told GMANews.TV. These include a one-hectare property in Malugay, Makati; a 1,348-square meter Fort Bonifacio lot in front of Pacific Plaza Tower; a 20-hectare land in Cavite; a 53.6-hectare property in Tagaytay; and 400-hectare property in Mabini, Batangas. The company is open to developing these properties through a joint venture although it can improve these lots by itself, Bautista said. “We are always on the lookout for prospects for joint venture opportunities," Bautista said after the annual stockholders’ meeting. “I don't think it is not within the plans of 2009 but we try to be flexible all the time." Shang Properties is the product of a merger between EDSA Properties Holdings, Inc. and Kuok Philippine Properties, Inc. Among its projects are The St. Francis Shangri-La Place, Shangri-La Plaza, KSA Realty Corp., The Shang Grand Tower, and Shang Residences at the Fort. As of 2008, Shang Properties sold a total of 952 units in The St. Francis Shangri-La Place amounting to P4.91 billion since its launching in November 2005. The 60-storey project is considered to be the tallest residential building in the country. "We expect all units will be handed over by the end of the year," he said. The property has excavated 99 percent of the luxury hotel and residential project in Bonifacio Global City, he added. "We are still tinkering with the design. We will be building an iconic development something the Philippines will be proud of," he added. Shares of Shang Properties Inc. remained unchanged at P1.36 apiece during Wednesday's trading at the Philippine Stock Exchange. - GMANews.TV