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KUOK GROUP PHILIPPINES
The investments of the Kuok Group in the Philippines comprise four (4) Shangri-La hotels and resorts (Makati Shangri-La, Edsa Shangri-La, Shangri-La’s Mactan Resort and Spa, Cebu, and Shangri-La’s Boracay Resort and Spa) and Shang Properties, Inc., which is the property development arm of the group in the Philippines with core businesses in office and retail leasing, and residential development. Shang Properties earns over Php1.5 billion in lease income annually through the Shangri-La Plaza mall in Ortigas Center and the Enterprise Center in Makati. The company has a 100% stake in the Shangri-La Plaza Corporation, which owns and operates the upscale Shangri-La Plaza mall in Ortigas Center. It also holds a 52.9% share in KSA Realty Corporation, which in turn, owns The Enterprise Center, one of the most prestigious business addresses in the country. In 2002, the company expanded its business portfolio by entering the residential condominium market with its first project, the Php2 billion, 46-storey Shang Grand Tower. The project was well received, completed in record time, and has since completely sold out. Following the success of the Shang Grand Tower, the company proceeded to build its second residential project, the twin tower 60-storey St. Francis Shangri-La Place, located within its 8.6 hectare property in Ortigas Center and linked to the 5-star Edsa Shangri-La hotel and the Shangri-La Plaza mall via comfortable walkways. The project’s estimated cost is Php5 billion and is on schedule for its target completion in 2009. In 2007, the group was able to solidify its strengths and efficiencies with the merger of Edsa Property Holdings and Kuok Philippine Properties into Shang Properties, Inc. in 2007, almost doubling its profitability in the process. Shang Properties also purchased a 1.5 hectare piece of prime property in Bonifacio Global City which is the future site of the Shangri-La at the Fort hotel and luxury residences. In 2008, it acquired the shares of San Miguel Properties Inc. (SMPI) in KSA Realty Corporation, owner of The Enterprise Center in the Makati Central Business District, making Shang Properties the majority owner of the building. Last July 2008, Shang Properties together with Shangri-La Hotels and Resorts, announced its next project - - - a deluxe 500 room hotel and residential development in Fort Bonifacio Global City in Taguig slated for completion in 2012. The group continues to achieve significant progress in its core businesses. The St. Francis Shangri-La Place has hit almost Php2 billion in gross sales; occupancy rates of Shangri-La Plaza and the Enterprise Center are in the high 90’s and consistently exceed industry standards. Other future projects include the redevelopment of the Shangri-La Place property in Ortigas Center which aims to further enhance the facilities of this integrated community. The group has earmarked over Php11 billion for its developments in the next three (3) years. With a landbank of over 500 hectares located in Batangas, Tagaytay, Cavite, Mactan and the Fort Bonifacio Global City earmarked for future development, and total assets estimated at Php17.2 billion, Shang Properties is poised to set the pace for premium real estate projects in the Philippines. Backed by the added value and advantages provided by its affiliates worldwide– Kerry Properties, the Kuok Group, and Shangri-La International Hotels and Resorts, and their ever-growing network of property, logistics and infrastructure assets, the company is equipped to leave an indelible mark on the Philippine landscape. |
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