Property development company Shang Properties Inc. said it achieved record revenue and growth in 2023 during its annual stockholder’s meeting at the Edsa Shangri-La Hotel in Mandaluyong City.
Total group revenues amounted to P9.8 billion, up 25 percent from 2022 figures. Profit after tax amounted to P5.5 billion, a 53-percent increase from 2022’s P3.6 billion, driven by greater net profit margins after tax of 56 percent, up 10 percent from the previous year.
Shang Properties said it recovered from the pandemic with higher revenues from property development, improved occupancy within the leasing business and the return of tourism and unrestricted movement post-pandemic which boosted the hotel and retail businesses.
It launched two new projects in 2023 – namely Laya by Shang Properties and Haraya Residences under the joint venture company Shang Robinsons Properties Inc. which added more than 1800 residential units to the market.
The near completion of ongoing projects, namely Shang Residences at Wack Wack and Aurelia Residences, aided residential net income.
Shang Properties also bagged several awards during the past year.
Shang Residences at Wack Wack won the Best High-End Condo Development in Metro Manila at the 2023 PropertyGuru Philippines Property Awards and the Best Luxury Development in Metro Manila at the 2023 Carousell Property Awards.
Meanwhile, Aurelia Residences won local and international awards in 2023, including the Best High-Rise Condominium in Asia at the 18th PropertyGuru Asia Property Awards. It also won the Best Ultra Luxury Condo Development in Metro Manila.
“At Shang Properties, Inc., we are certainly pleased with the health and growth in our core business units but believe that the best lies ahead of us,” Shang Properties executive vice president for commercial Che Diaz said.
“We are extremely optimistic about the future plans and projects in our pipeline, and the opportunity to grow our footprint domestically. We have two new project launches still to come in 2024, along with the redevelopment of our flagship mall Shangri-La Plaza, which is sure to delight a whole new generation of consumers,” Diaz said.
