Shang Properties sales, growth surged on property mart rebound

Property development firm Shang Properties, Inc. reported on Wednesday “record-breaking” revenue and growth figures for 2023 at its annual stockholder's meeting held the previous day.

In a statement, the company said total group revenues reached P9.8 billion, representing a 25% increase from 2022.

Profit after tax rose to P5.5 billion, marking a 53% rise from the previous year.

This growth was driven by improved profit margins and higher revenues from property development, increased occupancy in the leasing sector, and a rebound in postpandemic tourism.

In 2023, Shang Properties launched two new projects, Laya by Shang Properties and Haraya Residences, contributing over 1,800 residential units to the market.

Ongoing projects, including Shang Residences at Wack Wack and Aurelia Residences, bolstered residential net income, which grew by 39% year-on-year, the company said.