Shang Properties acquired 100 percent of Rapidshare Realty and Development Corp., which was owned by SMC’s San Miguel Properties Inc., in October last year.
It has since renamed Rapidshare Realty to SPI Realty Inc. The firm plans to build a “proposed residential condominium project located at Barangay Wack Wack, Greenhills, Mandaluyong City”, its annual report showed.
Shang Properties is among the country's high-end developers, with operations in office leasing, luxury residential towers, and hotels.
In 2024, the firm booked a 61 percent profit surge to P9.36 billion, which was driven by stronger sales and a P3.91 billion gain from fair value adjustments.
Revenue also rose 20 percent to P11.82 billion thanks to “higher revenue from condominium sales, rental and cinema and hotel operations of Shangri-La at the Fort”.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
