SHANG Properties, Inc. (SPI) reported a 10% drop in net income attributable to shareholders to P3.01 billion last year on lower condominium sales.

In a regulatory filing, the listed property developer saw a 15% decline in turnover to P12.65 billion in 2018 from P14.8 billion a year ago. Turnover consists of sales of condominium units, and revenues from rental, cinema and hotel operations.

Sales of residential condo units slumped 39% to P4.99 billion in 2018 from P8.192 billion in the previous year “due to fewer available units for sale due to completed projects.”

Revenue from commercial leasing and cinema operations rose by 2% to P2.961 billion to P3.017 billion in the same period as higher rental yields from The Enterprise Center in Makati City offset the losses from the seven-month closure of Shangri-La Plaza Mall cinemas for renovation.

Shangri-La at the Fort’s hotel operations generated P3.2 billion in revenues, versus last year’s P2.6 billion on higher occupancy.

SPI’s projects include The Shang Grand Tower Project and The Rise Makati — both in Makati City; and Shang Residences at Wack Wack in Mandaluyong City. — VMPG