Shang Properties expects P10B in sales from twin towers

Shang Properties Inc. expects to generate over P10 billion in sales from one of its high-end twin-tower projects in Metro Manila. Pre-selling revenues from over 400 units in its twin-tower One Shangri-La Place in Mandaluyong totaled P3 billion, outgoing company president Juan Andres Bautista said. The 60-storey development has 580 units. The first tower will be ready for occupancy in four years, or by 2014. Meanwhile, Bautista said the company is mulling to widen its stock float next year from 10 percent to 20 percent of its common shares. Shang Property is also considering a private placement and enrolling its shopping mall and office development in a Real Estate Investment Trust to enhance the company’s liquidity, he added. —Nikka Corsino/VS, GMANews.TV