Condo sales, higher leases lift Shang Properties’ earnings
The online news portal of TV5

MANILA – The operator of the Shangri-La Plaza mall reported that its earnings climbed by a quarter last year driven by higher revenues from the sale of condominium units and rental income.

In a disclosure to the Philippine Stock Exchange, Shang Properties Inc said its consolidated net income attributable to shareholders grew to P2 billion from P1.6 billion in 2012.

Gross revenue increased by 27.8 percent to P6.9 billion in 2013 from P5.4 billion in the previous year.

Revenues from residential condominium projects amounted to P3.9 billion, a 44 percent increase from the prior year’s P2.7 billion due to higher sales recognized from One Shangri-La Place and Shang Salcedo Place.

Revenue from leasing operations reached P2.3 billion, up 28 percent from P1.8 billion in 2012, buoyed by the contribution of the newly opened wing at Shangri-La Plaza mall and higher rentals. Also boosting recurring revenues was the improvement in average occupancy rate at The Enterprise Center to 97 percent last year from 86 percent in 2012.

The local property development arm of Malaysia’s Kuok group is a developer of luxurious residential projects such as One Shangri-La Place, St. Francis Shangri-La Place, The Shang Grand Tower and Shang Salcedo Place. It also owns the Shangri-La Plaza mall in Mandaluyong and The Enterprise Center in Makati.

Last year, Shang Properties sold its 35 percent stake in Exchange Properties Resources Corp (EPRC), the owner and operator of the Caylabne Bay Resort project, which is situated on a 160-hectare property in Ternate, Cavite.

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