MANILA, Philippines - Edsa Properties Holdings, Inc. (EPHI) is planning to build the country's tallest residential building at a cost of P3 billion to P5 billion.

The St. Francis, a residential condominium with two towers of 60 storeys each, will be built in Mandaluyong City, at the fringes of the Ortigas Center.

Vicente P. Formoso, EPHI vice-president and treasurer, also told reporters, "We will use internal funds from existing properties to develop The St. Francis. Our projects, which have been doing well, will generate the cash."

Given its proposed location, The St. Francis will be accessible to business and retail establishments, schools, hospitals, and the EDSA MRT. It will be linked to the EDSA Shangri-la Hotel, Shangri-La Plaza Mall, Shang Cineplex, and the MRT Shaw Station.

EPHI owns most of the properties near the corner of Shaw Boulevard and EDSA.

Mr. Formoso said his company was also keen on expanding to other areas.

"We intend to have a series of projects such as malls and entertainment centers, but we want to concentrate in Metro Manila," he said.

He also said parking lot on one of the lots owned by EPHI in Mandaluyong City could become a "big development" in the future.

"A parking lot may be a future development. The St. Francis used to be a parking lot as well, but is now being developed to a structure with two towers of 60 storeys each," he added.

EPHI is into property development and real estate management, and is also a holding company formerly known as MUI Resources Phils., Inc.

It was formed in 1987 and now owns 78.72% of Shangri-La Plaza Corp. It also has interests in EDSA Shangri-La Hotel & Resort, Inc. and Shangri-La International Hotel Management Ltd. Its assets include leasable land in Mandaluyong City, the Shangri-La shopping mall, and the adjoining carpark.

In 2000, the company acquired 23.52% of KSA Realty Corp., the owner and operator of Enterprise Center in Makati City, a modern and luxurious office building.

[Skyscraper City]