Shang Properties, Inc., the real estate development arm of the Kuok Group in the Philippines, posted a 10 percent increase in its income for the first six months of the year.

Net Income rose from P400 million in 2008 to P447 million in 2009 despite the economic uncertainty that prevailed in the first half.

The increase is attributable to higher lease incomes from both the Shangri-La Plaza mall and The Enterprise Center, totaling P777 million for the first six months. In addition, sales of residential condominiums from the Company’s latest project, The St. Francis Shangri-La Place, continued at a fast pace. This P5 billion, twin tower 60-storey project, located within its 8.6 hectare property in Ortigas Center, is set for completion
this year with only a few units remaining for sale.

In view of the Company’s exemplary performance, SPI’s Board of Directors recently declared cash dividends in the amount of P0.031 per share to stockholders of record as of 2 September 2009. The dividend is to be paid on or before September 15, 2009. Including the dividend paid in March of this year, total dividends paid in 2009 now amount to P0.061 per share.

Other investments of the Kuok Group in the Philippines 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, as well as the Shangri-La at the Fort, which is currently under development.

Upcoming developments include the expansion of the Shangri-La Plaza mall as well as another residential project scheduled for groundbreaking this year.