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News Real Estate Shang Properties unit buys prime Bonifacio lot
News Real Estate Shang Properties unit buys prime Bonifacio lot
| Shang Properties unit buys prime Bonifacio lot |
| Saturday, 31 May 2008 03:56 | ||||||
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Shang Properties is the property development arm of the Kuok group, one of Asia’s biggest conglomerates. In a disclosure to the stock exchange Friday, Shang Properties, formerly named EDSA Properties Holdings Inc., said its subsidiary bought the property in the so-called West Super Block of Global City from Fort Bonifacio Development Corp.10:53:41 Fort Bonifacio Development is a joint venture of the Bases Conversion Development Authority (BCDA), which spearheads the master-planning of the Bonifacio Global City, with a joint venture between the Ayala group and the Campos group that controls the local pharmaceutical giant United Laboratories. Shang Properties corporate secretary Federico Noel Jr. said details of the Fort Bonifacio project were still under study. Noel only hinted that the project would be a mixed-use development and that final details would be available by end-June. The West Super Block is at the western end of Ayala Land Inc.’s restaurant and shopping strip known as Bonifacio High Street. It is also beside the Adidas sports camp. Last April, Shang Properties signed a P3.5-billion loan agreement with Metropolitan Bank and Trust Co. and Bank of the Philippine Islands to help fund key development projects in Metro Manila. These projects form part of a three-year investment program estimated at P11 billion. Among the company’s new projects are the expansion of the Shangri-La Plaza Mall in the Ortigas Center business district, the construction of residential condominium towers on top of the mall, and an upscale mixed hotel and residential condominium in Fort Bonifacio Global City. The BCDA earlier said the West Super Block would be the site of a new Philippine Stock Exchange building, a six-star Shangri-La hotel and high-end residential condominiums of Shangri-La and Ayala Land. Shang Properties has four major subsidiaries: Shangri-La Plaza Corp. (of which it owns 78.72 percent); EDSA Parking Services Inc. (wholly owned); Shang Grand Tower Corp. (wholly owned); and EPHI Logistics Holdings Inc. (60 percent). Shangri-La Plaza owns and operates the Shangri-La Plaza Shopping Complex in the Ortigas Center, which houses two department stores, cinemas, restaurants, fast-food outlets, boutiques and specialty stores. EDSA Parking Services owns and operates car parks in the Shangri-La Plaza Shopping Complex. Shang Grand Tower, a realty development company, built The Shang Grand Tower, a high-rise luxury condominium in the Makati business district. It is also the owner and developer of The St. Francis-A Shangri-La Place, a two-tower, high-rise residential condominium in the Ortigas Center.
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