Deal Between GSIS and Megaworld

[pioneer]

By JAMES A. LOYOLA
Manila Bulletin

The Government Service Insurance System (GSIS) has signed a joint venture agreement with Megaworld Corporation for the P3.5 billion development of a mixed-use condominium project within the Cultural Center of the Philippines (CCP) Complex in Pasay City.

In an interview, GSIS President and General Manager Winston Garcia said the GSIS will contribute a 7,741-square meter property adjacent to the historical Coconut Palace where Megaworld will build three 20-storey residential towers.

Megaworld, an Andrew Tan led publicly-listed company has agreed to shoulder the cost of the development of the condominium project. Turnover is expected to be in 2014.

“Our joint project with Megaworld will have a 60,000-square meter saleable area. It is a very exciting project for us. This is the kind of residential condo project that the reclamation area needs,” Garcia said.