San Miguel Properties Inc., the property arm of San Miguel Corp., will start constructing a P3-billion high-end serviced apartment in Makati before the end of the year.

San Miguel Properties assistant vice president Alan Cruz said in a briefing following the company’s annual stockholders’ meeting that groundbreaking for the 30-story building on a 2,615-square meter area along Legaspi Street in Makati would start by the fourth quarter of the year and be completed after three years.

Cruz said the project, which is in joint venture with state-pension fund Government Service Insurance System, would be different from other high-end serviced apartment in the area like Oakwood and Fraser Place. It will target expatriates and foreign businessmen.

The project will contain 424 units with size ranging from 30 square meters to 120 sq. m.

Under the joint venture agreement, GSIS and San Miguel Properties will have a 50-50 percent sharing on equity and income to be generated by the project.

GSIS is contributing the property to the joint venture while San Miguel Properties will provide the initial funding for the construction and development of the apartment.