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STATE-RUN Government Service Insurance System (GSIS) and the real
estate arm of San Miguel Corp. announced they would develop a
high-end hotel in the Philippines’ premier financial district.
In a statement, the pension fund for government
workers said it entered a joint venture agreement with San Miguel
Properties Inc. (SMPI) wherein the two would develop a P1.7-billion
“service apartment-type” hotel on a 1,766-square meter GSIS
property adjacent to Greenbelt 1 in Legazpi Village, Makati City.
Under the accord, GSIS and SMPI will have an equal equity and
income-sharing scheme in the project.
The hotel is envisioned to be comparable with
the Four Seasons Luxury Hotel in Hong Kong and will have 500 rooms
with an average size of 50 square meters, GSIS said. Construction
period is “expected to commence soon” and the hotel may be
operational by January 2011.
“We expect the dividend payments from this
hotel to further bolster our actuarial life. It will have
world-class facilities and will cater primarily to high-end tourists
and businessmen,” Winston F. Garcia, GSIS president and general
manager, said.
Earlier, GSIS signed a 25-year renewable lease
agreement with the country’s leading mall developer SM Prime
Holdings Inc. for the pension fund’s three-hectare property along
Elliptical Road in Quezon City. GSIS is expected to earn around P1.3
billion from the agreement wherein, SM will develop a commercial
complex a stone’s throw away from a separate development by rival
Ayala Land Inc.
-- Likha C. Cuevas-Miel
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