By Zinnia B. Dela Peña
Wednesday, November 5, 2008 [ philstar.com ]
The Securities and Exchange Commission (SEC) has cleared the 50-50 joint venture company set up by San Miguel Properties Inc. (SMPI) with the Government Service Insurance System (GSIS) for their P1.7-billion high-end hotel project in Legazpi Village, Makati City.
The new firm, SMPI-GSIS Joint Venture Corp., has an initial authorized capital stock of P600 million comprising 600 million common shares at a par value of P1 each.
The project will rise on a 1,766-square meter property owned by GSIS which is adjacent to Greenbelt 1. It will be a service apartment-type hotel with world-class facilities comparable to that of the Four Seasons Luxury Hotel in Hong Kong.
The hotel will have a total of 500 rooms with an average size of 50 square meters. Slated to be operational by January 2011, the hotel is targeting businessmen and high-end tourists. GSIS and SMPI will equally share the earnings to be generated by the hotel.
SMPI, the property arm of food and beverage giant San Miguel Corp., is “moving towards establishing itself as a market leader in the property sector through mixed-use developments with middle-income housing as its main thrust, property leasing, strategic real estate ventures and corporate real estate services.”
Among SMPI’s projects include middle-income subdivisions, The Legacy in Parañaque City, Primavera Hills in Cebu City and Maravilla in Gen. Trias, Cavite.
