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High-end real estate firm to offer more retail spaces in Ortigas Center

Kuok Group to invest P12 billion
By Entrepreneur Staff |

Luxury real estate developer, Shang Properties, the property development arm of the Kuok Group in the Philippines will spend over P12 billion on its current One Shangri-La Place retail and residential project in Ortigas Center.

The real estate firm has earmarked P3.2 billion of the amount to be spent on the mall expansion, while P9 billion will be spent on the residential portion.

The massive 64-storey twin towers will have over 1,300 condominium units located atop a high-end 6 level mall podium that will house over 150 luxury shops and restaurants.

Target completion date of the expansion mall is 2013, while the residences are expected to be completed in 2014.

The Group is also expected to spend an additional P2.4 billion to spruce up the current Shangri-La Plaza mall, carpark building and the 8.6 hectare Shangri-La Place estate.

The Kuok Group remain bullish about business prospects in the Philippines, with work on two other simultaneous projects on-going - the ultra deluxe Shangri-La at the Fort project which will have over 500 guestrooms, serviced apartments, and only 97 exclusive luxury residences, and a new 62-storey residential project in Salcedo Village, Makati.

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