High-end listed developer Shang Properties Inc. is eyeing further growth toward the full-year 2013, on the back of the sales expected from its residential developments also this year.
“We anticipate the remainder of the year to also show very robust growth, because the sales for One Shangrila Place and Shang Salcedo Place are doing very well,” Shang Properties Director Wilfredo Woo said after the company’s annual stockholders meeting held on Wednesday.
Woo even indicated that the firm is looking to register double-digit growth, adding that it intends to further grow its land bank amid several projects that the company is currently developing.
“We also have the ownership in Fort Bonifacio [in Taguig City]which there will be 98 units of large apartments that is up for sale hopefully next year. We continue looking for further land bank. We do have other land banks like in Tagaytay but that is under design and planning,” he said.
“We have a land bank in Malugay [in Makati City]. It is about 10,000 square meters which we are now doing advanced planning. We hope to start the project at the end of this year and preselling will start first half next year,” he said, adding that this will be slightly lower end compared to its project in Ortigas.
For its other projects, Woo said that they expect One Shangrila Place to be fully sold out in the next six to eight months, while it may still take longer before another project called Shang Salcedo will be fully sold.
“For Shang Salcedo it will take up longer, maybe in a couple of years or 24 months,” Woo added.
One Shangrila Place is 18-percent sold, while Shang Salcedo is 22-percent sold.