LISTED property developer Shang Properties, Inc. is bullish on its growth prospects for this year amid its planned project launches, an official said.
“We are extremely optimistic about the future plans and projects in our pipeline and the opportunity to grow our footprint domestically,” Shang Properties Executive Vice-President for Commercial Maria Rochelle S. Diaz said in a statement on Wednesday.
“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 added.
The company said its ongoing projects, the Shang Residences at Wack Wack and Aurelia Residences, are nearing completion and have boosted its residential net income.
Shang Residences at Wack Wack is an exclusive resort-inspired residential property in Mandaluyong City, while Aurelia Residences is a residential development in Bonifacio Global City, Taguig City.
Shang Properties launched two new projects last year namely Laya by Shang Properties and Haraya Residences, both in Pasig City, under the joint venture company Shang Robinsons Properties, Inc., which added over 1,800 residential units to the market.
“At Shang Properties, Inc., we are certainly pleased with the health and growth in our core business units but believe that the best lies ahead of us,” Ms. Diaz said.
In 2023, Shang Properties’ profit after tax rose by 53% to P5.5 billion, while group revenue increased by 25% to P9.8 billion.
The company said its recovery from the coronavirus pandemic came amid higher revenues from property development, improved occupancy within the leasing business, and the return of tourism and unrestricted movement post-pandemic.
“A promising economic outlook, rising hotel occupancy, and strategic land acquisitions all point the way to an exciting future for Shang Properties,” it said.
Shang Properties held its annual stockholders’ meeting on June 18 at the EDSA Shangri-La Hotel.
On Wednesday, its shares declined by 1.03% or four centavos to P3.86 apiece. — R.M.D. Ochave
