MANILA – Shang Properties' new residential and commercial project, The Rise Makati, has a positive outlook for the company's success, following a 22 percent growth in net income in 2013.
“We’re praying for a banner year [this 2014],” said Milen Treichler, marketing manager of Shang Properties.
The firm posted a rise in net income to P2.01 billion in 2013 from P1.64 billion the previous year due to higher revenues from sales and improved rental income garnered from developments.
The properties include the Shang Salcedo Place, One Shangri-La Place in Ortigas, and the upcoming Shangri-La Hotel at The Fort.
Robert Cruz, Shang Properties director of sales, said the group’s newest development, The Rise Makati, is set to be completed by the end of 2017.
Launched just last May 8, 75 percent of its initial 300-unit offering has already been sold.
“We have so far [sold] about 260 [units]... of our initial launch which is about 300, that’s 70-75 percent. We just launched May 8, but the response from the market has been very good,” Cruz said.
Strategically located along Malugay St., a few minutes away from the Makati Central Business District, The Rise Makati is marketed towards high-end buyers, varying from investors, retirees and families.
It is also geared towards the younger market, complementing the art and creative district in North Makati.
The Rise Makati will have 63 storeys, featuring 2,822 units and a 2-level boutique retail mall.
Although majority who took interest are Filipinos, a big number of foreigners are among the top buyers of the Shang property.
“A lot of locals, of course that’s the majority, but we have a big number of foreign buyers. This wasn’t really surprising for me because Shang is actually very known around Asia.”
“For our other projects, we do get a lot of foreign buyers, but this early on, the number of the foreign buyers is actually higher than I was expecting,” Cruz said.
Shang Properties has invested around P8 billion on the project..
According to Treichler, they are hopeful to perform better this year alongside the Philippines’ strong economic growth.
“We continue to keep a keen eye on more opportunities...With the Philippines’ strong economic growth, our prospects will continue to shine brighter," said Treichler.