“We have purchased a property in Salcedo Village, which used to be the former Asian Plaza building,� Vicente P. Formoso, chief finance officer and treasurer of Shang Properties, told reporters after a stockholders’ meeting.

The site will be allotted for a 65-storey residential development that will have studio, one-bedroom and two-bedroom units, Mr. Formoso said.

In April, Shang Properties bought the asset from listed Phinma Corp. under a P615-million deal. A five-storey building with a gross floor area of 10,310 square meters occupies the lot.

“The total investment would be about P4 billion to 4.5 billion for this particular project,� Mr. Formoso said. “We are now in the process of demolishing the building and will begin excavation by October,� he added.

Shang Properties will complete the construction of the 65-storey residential tower in 2014 or 2015. There will be three levels of basement parking and five levels of podium parking in the project that will be opened to preselling starting early next year.

Meanwhile, Shang Properties has experienced brisk sales in its sole project.

“We sold about 80% of the units already in the first tower. We should be opening towards the end of the year [the second tower] for sale,� Mr. Formoso said.

The two-tower One Shangri-La Place will stand on top of a six-floor mall that can accommodate 140 retail outlets. — Neil Jerome C. Morales