Tuesday, 8 June 2010

Megaworld, GSIS ink P3.5-B project

Written by Miguel R. Camus
Business Mirror

MEGAWORLD Corp., the listed property developer of tycoon Andrew Tan, is teaming up with state-led pension fund Government Service Insurance System (GSIS) to develop a P3.5-billion mixed-use condominium project in Pasay City.

Under the agreement, the GSIS will contribute a 7,741-square-meter property within the Cultural Center of the Philippines (CCP) Complex while Megaworld has agreed to shoulder the cost of the development. Turnover to buyers is scheduled in 2014.

“Our joint project with Megaworld will have a 60,000-square meter salable area. It is a very exciting project for us. This is the kind of residential condo project that the reclamation area needs,” GSIS president and general manager Winston F. Garcia said in a statement on Monday.

The GSIS and Megaworld agreed to a sharing ratio in the net salable area. The project is also the first joint venture between the real-estate company and government pension fund.

The joint venture forms part of the GSIS’s acquired assets disposition program where it forms strategic partnerships to develop its properties.

Two years ago, GSIS inked a joint-venture agreement with San Miguel Properties Inc. (SMPI) for the development of a P1.7-billion serviced apartment in Makati City.

GSIS closed another deal with SM Development Corp., the listed middle-income builder of retail tycoon Henry Sy  for the development of a property near the Baguio Convention Center.

Megaworld, which saw first-quarter net income rise 9 percent to P1.1 billion, recently bagged the 34.5-hectare Jusmag property in the Fort Bonifacio area.

Megaworld’s residential condominium projects include the Once Central, Greenbelt Madissons, One Lafayette Square, Paseo Parkview Tower, Forbeswood Heights, Woodridge Residences, Mckinley Hill and the Garden Villas.

The company is also into township developments, which include the Eastwood City in Libis, Quezon City; Mckinley Hill in Fort Bonifacio, Taguig; City Place in Manila, New Port City in Pasay; Forbes Town Center, also in Taguig; and the Manhattan Garden City in Araneta Center, Quezon City.

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