LISTED property developer Shang Properties, Inc. expects real estate to remain a priority investment for Filipinos amid an improving economy, a company official said.
“We are very bullish on the property segment, economy-wise. The economy is doing good, people are looking for investments so they have money and they need somewhere to put it and properties are always the first choice for Filipinos,” Shang Properties Executive Vice-President Jose Juan Z. Jugo told BusinessWorld.
His statement came after the company booked record growth last year in terms of take-up, revenues, and net income, which it is trying to replicate this year, Mr. Jugo said.
“The take-up is good. We are doing very well. We had the best year last year and hopefully, we will be able to break the records again this year,” he said.
Asked about what he sees as the main growth driver, Mr. Jugo said: “Demand from all [property] segments.”
In 2022, the company booked P3.63 billion in attributable net income, a 71.1% jump versus P2.12 billion in 2021. Revenues last year rose by 71.9% to P7.86 billion from P4.57 billion in the previous year.
In the first quarter of this year, the company recorded a P1.14 billion net income attributable to shareholders, more than twice higher than P476.32 million a year ago.
From January to March, Shang Properties’ revenues went up by 59.7% to P2.31 billion from P1.45 billion in the same period in 2022.
NEW QUEZON CITY DEVELOPMENTThe company is also planning the launch of its residential development in Quezon City by the third quarter of next year, said Mr. Jugo.
Last year, the company acquired a property near the ABS-CBN complex along Scout Bayoran and Sgt. Esguerra through bidding.
The new development will also be a residential property expected to have over 1,500 units, which Mr. Jugo said, is not yet final.
The new development will also have small units, similar to what the company will be launching this year — a condominium property called Laya in Pasig City. — Justine Irish D. Tabile
