Shang Properties (SHNG) of billionaire Robert Kuok will launch three new residential condominium projects with a combined 340,000 square meters of space in 2023.
SHNG chairman Edward Kuok Khoon Long, Kuok’s nephew, said the company would start development of its land acquisitions in Pasig and Quezon City to pursue “sustained growth” amid the challenges brought about by the pandemic.
SHNG’s biggest upcoming project will be on a prime 6,024-square-metre lot in Quezon City, its first in Metro Manila’s biggest city.
Edward said SHNG would build a twin
residential-tower development with around 140,000 square meters of net saleable area starting the third quarter of 2023.
SHNG is also building a high-end two-tower project in Pasig with 120,000 square meters of saleable area in Bridgetown Pasig. The project will be launched in the first quarter 0f 2023.
SHNG signed a joint venture agreement with Robinsons Land Corp, of bilyonaryo Frederick Go last year for an 8,440-square meter lot in Bridgetown, their second partnership after Aurelia Residences in Bonifacio Global City.
SHNG also bought another lot in Pasig, 3,390 square meters, where it plans to erect a high-quality residential-tower 83,000 square meters of net saleable area. It will be launched in the second quarter of 2023.
SHNG has not started any new project since 2020. Its latest projects, Shang Residences at Wack Wack and Aurelia Residences, were launched in 2018 and 2019 respectively.
SHNG generated P1.1 billion residential sales or 88 percent of its revenues in 2021.
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