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Old June 22nd, 2011, 09:21 PM   #1
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Shang Salcedo Place [67F|249.8m|res]

Shang Properties plans 65-story residential condo in Makati
By Zinnia B. Dela Peña (The Philippine Star) Updated June 23, 2011 12:00 AM Comments (0)

MANILA, Philippines - High-end realty developer Shang Properties Inc. is stepping up its presence in the burgeoning Makati Central Business District with plans to build a 65-story residential condominium in Legaspi Village, costing as much as P4.5 billion.

On the sidelines of the company’s annual stockholders meeting yesterday, Shang Properties chief finance officer Vicente P. Formoso said the project, which comes on the heels of the success of The Shang Grand Tower in Makati, will house 600 to 700 studio, one-bedroom and two-bedroom units when completed in 2014 or 2015.

Shang Properties acquired the property from publicly-listed Phinma Corp. for P615 million.

This will be the company’s third project in the Makati financial district following the Enterprise and Shang Grand Tower.


Formoso said the company remains upbeat on the property sector amid improving consumer spending, a stable economy and the low interest rate environment.

Other projects of the company include One Shangri-la Place, a posh twin tower residential development that will feature over 1,300 units located atop the six-level retail podium of the Shangri-la Plaza expansion mall; and the Shangri-La at the Fort in Bonifacio Global City, which when completed will have 577 hotel rooms, 96 service apartments and 96 of the most luxurious residential condominium units in the market.

Formoso said the first tower of One Shangri-La Place, is already 80 percent sold and that the company is gearing up to launch the second tower, which will have approximately 690 units, in the latter part of the year.

The new shopping mall will be house up to 150 high-end and iconic brands and feature more fine dining restaurants.

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Old June 22nd, 2011, 09:24 PM   #2
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Shang Properties to spend P4B on condo project

SHANG PROPERTIES, Inc., the listed real estate development arm of Malaysia’s Kuok Group, will spend P4 billion for a new residential high-rise project in Makati City, an executive said on Wednesday.
"We have purchased a property in Salcedo Village, which used to be the former Asian Plaza building," Vicente P. Formoso, chief finance officer and treasurer of Shang Properties, told reporters after the company's stockholders' meeting in Mandaluyong City.

The site will be allotted for a 65-storey residential development that will have studio, one-bedroom and two-bedroom units, Mr. Formoso said.

In April, Shang Properties acquired real estate properties of listed Phinma Corp. for P615 million.

"The total investment would be about P4-4.5 billion for this particular project," Mr. Formoso said.

"We are now in the process of demolishing the building and will soon begin excavation by October," he added.

Shang Properties will complete the construction of the 65-storey residential tower in 2014 or 2015. There will also be three levels of basement parking and five levels of podium parking in the project that will be be opened to pre-selling starting early next year.

In the first quarter, earnings attributable to equity holders of Shang Properties grew by 9.6% to P200.2 million in the first quarter from P182.7 million last year.

Its revenues are derived from rentals and condominium sales in One Shangri-La Place and St. Francis Towers while rental income comes from tenants at the Shangri-la Plaza mall and occupants at the Edsa Shangri-la Hotel.

Shares in Shang Properties, a property development, real estate management and investment holding company which was incorporated in 1987 as Shangri-La Properties, Inc., were last traded on June 17 at P1.82 apiece. -- Neil Jerome C. Morales
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Old June 22nd, 2011, 09:29 PM   #3
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Salcedo Village not Legazpi...

Shang Properties buys Asian Plaza property
May 2, 2011, 10:15pm
MANILA, Philippines – Shang Properties, Inc., the Philippine property development arm of the Kuok Group, known for its Shangri-La Hotels and Resorts and high-end Kerry Properties residences worldwide, recently purchased the Asian Plaza Inc.’s property of the Phinma Group in Salcedo Village Makati.

The lot, measuring 3,045 sqm, will be the future site of a high-end condominium building.

Shang Properties VP and CFO Vince P. Formoso said that the groundwork for the construction of the 51-story residential development will begin toward the end of the year.

“We are excited about this project,” he said. “This is our third development in the Makati Central Business District following The Enterprise Center and The Shang Grand Tower.”

Other developments of Shang Properties include the 62-story St. Francis Shangri-La Place, the tallest residential condominium in the country; the Shangri-La Plaza mall, and its current project, One Shangri-La Place, located in the 8.6-hectare Shangri-Place property in the Ortigas Center.
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Old June 22nd, 2011, 09:31 PM   #4
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Shang Properties, Inc. recently purchased Asian Plaza, Inc.’s property in Makati. Sealing the deal with a handshake are Asian Plaza Inc. president Willie Uy and Shang Properties, Inc. vice-president/chief finance officer Vince Formoso (right). http://www.philstar.com/Article.aspx...bCategoryId=76


Shang Properties acquires Asian Plaza property
(The Philippine Star) Updated April 29, 2011 12:00 AM Comments (0)

Manila, Philippines - Shang Properties, Inc, the Philippine property development arm of the Kuok Group, renowned for its luxurious Shangri-La Hotels and Resorts and high end Kerry Properties residences worldwide, recently purchased the Asian Plaza Inc.’s property of the Phinma Group in Salcedo Village Makati. The 3,045 sqm lot will be the future site of a high-end condominium building.

Shang Properties vice president and chief finance officer, Vince P. Formoso estimates that the groundwork for the construction of the 51 storey residential development will begin toward the end of the year. “We are very excited about the project” he said, “this being our 3rd development in the Makati Central Business District following The Enterprise Center and The Shang Grand Tower.”

Other developments of Shang Properties include the 62 storey St. Francis Shangri-La Place, the tallest residential condominium in the country today, the upscale Shangri-La Plaza mall, and its current project, One Shangri-La Place, all located in its 8.6 hectare Shangri-Place property in the Ortigas Center.
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Old June 22nd, 2011, 09:43 PM   #5
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Shang Properties, Inc. Website
http://www.shangproperties.com/news_archive.php?id=11

Shang Properties’ New Project
Mar 31, 2011
Shang Properties, Inc, the Philippine property development arm of the Kuok Group, renowned for its luxurious Shangri-La Hotels and Resorts and high end Kerry Properties residences worldwide, recently purchased the Asian Plaza Inc.’s property of the Phinma Group in Salcedo Village Makati. The 3,045 sqm lot will be the future site of a high-end condominium building.

Shang Properties Vice President and Chief Finance Officer, Vince P. Formoso estimates that the groundwork for the construction of the 51 storey residential development will begin toward the end of the year. “We are very excited about the project” he said, “this being our 3rd development in the Makati Central Business District following The Enterprise Center and The Shang Grand Tower.”

Other developments of Shang Properties include the 62 storey St. Francis Shangri-La Place, the tallest residential condominium in the country today, the upscale Shangri-La Plaza mall, and its’ current project, One Shangri-La Place, all located in its 8.6 hectare Shangri-La Place property in the Ortigas Center.
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Old June 23rd, 2011, 05:45 AM   #6
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is this site at the corner of Buendia and Malugay Streets? there is a building being demolished there... it houses ACS before, a BPO company.

anyway, this is welcome development. kudos to Shang for being bullish on the Philippines property sector!

on the sideline, there seems to be conflicting reports on the actual height of the building - 51 or 65 floors?
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Old June 23rd, 2011, 06:17 AM   #7
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Nice! So, kahelera lang siya ng Trident Tower tsaka One Central at RCBC Plaza? Tama ba?
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Old June 23rd, 2011, 12:17 PM   #8
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so, shang prop. will built 2 65-stories building???wow...
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Old June 23rd, 2011, 03:06 PM   #9
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2 65-stories towers?? height height... mas gusto ko malaman height kesa palapag... hehe
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Old June 23rd, 2011, 05:22 PM   #10
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First article says 65 storeys, and located in Legaspi.
Should be in Salcedo Vill.

Quote:
Originally Posted by tyronne View Post
Nice! So, kahelera lang siya ng Trident Tower tsaka One Central at RCBC Plaza? Tama ba?
Right, very close to Ateneo.
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Old June 23rd, 2011, 09:01 PM   #11
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Quote:
Originally Posted by Ph Man View Post
First article says 65 storeys, and located in Legaspi.
Should be in Salcedo Vill.



Right, very close to Ateneo.
Is there a Map yet?
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Old June 23rd, 2011, 09:02 PM   #12
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malayo ang ateneo, sa la salle-rcbc campus at feu makati malapit at mas malapit sa mapua makati, gitna ng rcbc plaza and petron megaplaza
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Old June 23rd, 2011, 09:56 PM   #13
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so kahilera nga ng one central?
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Old June 23rd, 2011, 10:27 PM   #14
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oo
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Old June 23rd, 2011, 10:47 PM   #15
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thanks.
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Old June 24th, 2011, 02:57 AM   #16
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Quote:
Originally Posted by Kevinlondon View Post
Is there a Map yet?
Haven't seen a vicinity map yet for this project. But looking at a generic map below, it's at the upper right part of the it just across the Baptist Church, near the red arrow.



Quote:
Originally Posted by makatiprime View Post
malayo ang ateneo, sa la salle-rcbc campus at feu makati malapit at mas malapit sa mapua makati, gitna ng rcbc plaza and petron megaplaza
Not Ateneo GSB but Ateneo Center for Continuing Educ. Same place where Saudi Embassy is. Along dela Costa lang yun di ba? In above map it's actually labelled Ateneo Professional School Bldg.

Last edited by Ph Man; June 24th, 2011 at 02:19 PM.
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Old June 24th, 2011, 04:43 AM   #17
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sad. akala ko pa naman sa Legaspi Vill.
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Old June 24th, 2011, 07:54 AM   #18
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In terms of location, it's not as prime as Shang's other two developments in the CBD; Enterprise Center and Shang Grand Tower.
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Old June 24th, 2011, 02:08 PM   #19
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Kelan pre-selling?
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Old June 24th, 2011, 03:53 PM   #20
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Its still Makati better location than the Century City area. IMHO, I think the best location in Makati is the Greenbelt Residences area.
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