Shang Properties allots P12B for Ortigas Center mall

A bigger Shangri-La mall and twin towers 64 storeys tall will rise in Ortigas Center at a total cost of P12 billion, the property development subsidiary of the Kuok Group said in a disclosure to the Philippine Stock Exchange Friday. Shang Properties also revealed that it will spend P2.4 billion more to “spruce up the current Shangri-La Plaza mall, carpark building and the 8.6 hectare Shangri-La Place estate." The twin towers will cost P9 billion and are expected to be completed in 2014. The towers will have over 1,300 condominium units built “atop a high-end six-level mall podium that will house over 150 luxury shops and restaurants," Shang Properties said. Target completion date for the mall expansion is sometime in 2013. The property developer will spend P3.2 billion on this component of the Ortigas Center project. — ELR/VS, GMA News