Shang Properties, Inc., a leading property development company, was pleased to announce record-breaking revenue and growth figures for 2023 at its Annual Stockholder’s Meeting, Tuesday, 18 June at the EDSA Shangri-La Hotel.
Total group revenues amounted to Php9.8 billion, up 25% from 2022 figures. Profit after tax amounted to Php5.5 billion, a rise of 53% from 2022’s Php3.6 billion, which was driven by greater net profit margins after tax of 56%, up 10% from the previous year.
Shang Properties, Inc. 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.
Two new projects were launched 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 completions of ongoing projects, namely Shang Residences at Wack Wack and Aurelia Residences, aided residential net income, aided net income contribution from our residential segment, which rose by 39% year on year.
Worth noting are the several awards that the property developer has bagged during the past year. Shang Residences at Wack Wack bagged 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 during 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.
Executive Vice President Commercial, Che Diaz, commented on the results. “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. 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.”
A promising economic outlook, rising hotel occupancy and strategic land acquisitions all point the way to an exciting future for Shang Properties, Inc.
To learn more about Shang Properties, visit the website at shangproperties.com and follow Shang Properties on its official social media pages on Instagram and Facebook, on YouTube, and Shang Properties on LinkedIn.
