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.
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