Shang Property buys Asian Plaza condo, lot

Upscale property developer Shang Property Developers Inc. has acquired the Phinma group’s Asian Plaza office condominium property, which sits on a prime location in Makati City that is suitable for potential redevelopment, for P615 million.

In a disclosure to the Philippine Stock Exchange on Friday, Shang Property announced an agreement with Asian Plaza Inc. and Asian Plaza I Condominium Corp. to acquire their respective pieces of real property—a five-story building and parcels of land located at the corner of Gil Puyat Ave., Tordesillas St. and HV Dela Costa St.

Phinma president Ramon del Rosario Jr. said the acquisition price was higher than the P550 million floor price set in 2008 when the property was placed on the auction block.

According to property consultant Colliers International, as the exclusive marketing agent mandated by Phinma to auction the property, the five-story condominium building has a gross floor area of 10,310 square meters and a single level onsite parking for 57 slots.

The property was completed in 1982 and fully renovated in 2005. The building will be handed over on an “as is, where is” basis, based on an online brochure from Colliers.

Asian Plaza is 100-percent occupied by Advanced Contact Solutions, Jollibee and Far Travel Corp., the brochure said.

“The property is suitable for redevelopment subject to meeting the necessary planning and statutory regulations,” Colliers said.

The property consultant said the Asian Plaza property was “well positioned in close proximity to shopping malls, restaurants, entertainment venues and major office buildings and embassies located in the Makati central business district.”

It was reported in 2008 that the floor price for the Asian Plaza property was set at P550 million. But the value of the actual deal was not disclosed.

Shang Property is a property development, real estate management and investment holding company with interests in upscale hotels, shopping mall and residential properties. Its significant and active subsidiaries are Shangri-La Plaza Corp., SPI Parking Services Inc., Shang Properties Realty Corp., EPHI Logistics Holdings, Inc., Shang Global City Holdings, Inc., Shang Fort Bonifacio Holdings, Inc., Shang Property Management Services Corp. and KSA Realty Corp.

For more details on Shang Property projects, you may contact Reby Ramirez @ +63 919.699.3572 / +63 922.883.9308 / +63 916.4044.555 / +632 404-4534 or e-mail her @ reby_ramirez@yahoo.com.

Lastly, FYI for related information on the new real estate law, RA 9646, please proceed to www.RA9646.com, the online repository of updated information on Real Estate Service Act of 2009 (RESA).

source: Philippine Daily Inquirer, April 02 2011