For years, Shang Properties Inc. carried the hallmarks of its Kuok Group lineage: premium addresses, disciplined balance-sheet management, and a shareholder base accustomed to steady cash returns. But the Philippine developer’s latest results show a sharper pressure point emerging beneath the surface of its high-end brand — condominium margins are thinning fast. The company’s condominium gross margin fell to about 34.3% in 2025 , down from around 53.7% in 2024 and 59.9% in 2023 , marking a steep reset in profitability for one of the group’s most important swing businesses. Condominium revenue also declined about 17% year-on-year to ₱3.62 billion , while the cost of sales rose relative to revenue. Put another way, Shang’s cost-to-revenue ratio in condominium sales jumped to roughly 65.7% in 2025 from about 46.4% a year earlier — a reversal that matters not just for earnings, but for dividends. For a company often viewed by local investors as a premium property name with an attr...