MANILA, Philippines - Shang Properties Inc., the local property unit of Malaysian conglomerate Kuok Group, is riding on the renewed investor confidence in the Philippines as it ventures into its largest residential project to date.
The Rise, a 63-story tower to be put up in the country’s financial center, is seen to generate roughly P11 billion in sales from more than 2,800 units catering to both investors and end-users, a company executive said.
“The idea behind The Rise in part is to inspire young people and families to create their homes the way they wish to build their lives,” Cruz said.
With an estimated investment of P8 billion, the residential tower will sell 2,822 units and feature a two-story boutique retail mall.
The residential project highlights the bullishness of Shang Properties in the country’s property sector that is backed up by renewed investor confidence amid strong economic growth and credit rating upgrades.
“Foreign investors know the Shangri-La name so it is not a hard sell,” said Shang Properties marketing manager Milen Treichler, adding that both foreign property market investors and retirees from Japan, Hong Kong and Singapore are potential buyers.
Shang Properties is an affiliate of Shangri-La Hotels and Resorts and Kerry Properties Ltd., one of Hong Kong’s largest property investment and development companies.
Located in a 10,000-square meter (sqm) lot along Malugay St., The Rise is just eight minutes away from the Makati central business district (CBD) and is at the heart of Northern Makati, the city’s burgeoning art and creative district.
Shang Properties is selling studio units (25 sqm) for P2.2-2.5 million, one-bedroom units (25.8-29 sqm) for P2.5-2.9 million and two-bedroom units (68-92 sqm) at P7.2-8.8 million. Construction of The Rise will be completed in 2017, with units scheduled to be delivered in 2018.
Spaces at The Rise, its unique amenities concept, will feature the Hangout, a 300-sqm open lounge area for entertaining friends and family; the Workshop, a workroom featuring an IT bar, a library, reading room and meeting rooms; and the Nest, a relaxation and wellness zone that offers residents a refuge from the fast-paced city living.
Amenities also include a 28-meter tropical pool and kids pool, a 380-meter private jogging path and a 280-sqm children’s play space, barbecue patio and a two-story fitness gym.
Aside from The Rise, Shang Properties is also the company behind Shang Salcedo Place, The Shang Grand Tower and The Enterprise Center in Makati; the St. Francis Shangri-La Place, Shangri-La Plaza and One Shangri-La Place in Ortigas Center; and Horizon Homes and Shangri-La Hotel at the Fort.
For more details on The Rise, visit www.atcproperties.com.ph ot contact us at +63-908-8606407.