For the first time in its 20 year history, Shang Properties, Inc., the property development arm of the Kuok Group in the Philippines, surpassed the Php 1 billion mark, achieving Php 1.17 billion in net income after taxes, 33.2% more than last year’s bottom line of Php 879.8 million.

In this regard, the company’s board of directors recently approved the release of dividends amounting to Php262 million to its stockholders during its recent regular meeting last February.  This brings the total dividends issued for 2009 to Php410 million, an increase of 48% versus 2008.

The stellar performance is attributed to the higher condominium unit sales from the recently completed St. Francis Shangri-La Place which has sold about 98% of its’ 1,152 units, and increase in rental income from The Enterprise Center and Shangri-La Plaza mall. 

The investments of the Kuok Group in the Philippines also include the Shangri-La hotels and resorts - - - Makati Shangri-La, Edsa Shangri-La, Shangri-La’s Mactan Resort and Spa, Cebu, Shangri-La’s Boracay Resort and Spa.

Upcoming developments for Shang Properties include One Shangri-La Place, which enjoyed brisk sales of over 250 units during its one-day exclusive preview last March 10, and the construction of a 6-level Shangri-La Plaza mall expansion.