[ Manila Bulletin Online ] November 21, 2008
By ANA MARIE MACUJA
The Securities and Exchange Commission (SEC) has approved the incorporation of SMPI-GSIS Joint Venture Corporation, a partnership between San Miguel Properties, Inc. and state-run Government Service Insurance System (GSIS).
The newly-incorporated company has an authorized capital stock of P600 million, of which P300 million has been subscribed by the GSIS, Winston F, Garcia, Sergio M. Andal, Joseph T. Andres, Ramon S. Ang, Jeronimo U. Kilayko, Iñigo U. Zobel.
San Miguel Properties, the real estate arm of food and beverage conglomerate San Miguel Corporation, formed a joint venture with the GSIS to jointly develop a 1,766 square meter property in Makati into a high-end hotel.
Under the terms of the joint venture, GSIS will provide the land, while San Miguel Properties will provide the initial funding for the construction and development. The hotel project is estimated to cost approximately P1.7 billion.
GSIS, in a previous statement, said the hotel project which is adjacent to Greenbelt 1 in Legazpi Village in Makati City, would be a service apartment-type hotel. It will have world class facilities comparable to that of the Four Seasons Luxury Hotel in Hong Kong.
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