SHANG Properties Inc., the property development arm of the Kuok Group of Singapore in the Philippines, ended the first nine months of the year with a P1.96 billion net income, up 26.1 percent from a year earlier on the back strong sales of condominium units.
Net income in the 2014 corresponding period stood at P1.55 billion.
In a disclosure to the Philippine Stock Exchange on Monday, Shang Properties reported a 59-percent increase in condominium sales at P3.9 billion, from P2.4 billion last year.
Revenues from leasing operation grew by 2.2 percent to P1.98 billion from P1.94 billion last year.
The company’s total expenses during the period were P2.99 billion, higher by P656.5 million than the P2.34 it spent a year ago.
Shang Properties is part of the investments in the Philippines of the Kuok Group of Singapore, along with all Shangri-La hotels and resorts in the country.
Shang Properties is the local property development arm of the group, with core businesses in upscale office and retail leasing and residential development.
Shang Properties has a 100-percent stake in Shangri-La Plaza Corporation, which owns and operates the upscale Shangri-La Plaza in Mandaluyong City.