Makati subway to link up with Megaworld’s Skytrain
THE proposed Makati City subway will soon be connected to the planned monorail being built from the Guadalupe Metro Rail Transit (MRT Line 3) station to Megaworld Corp.’s township in Taguig City.
The subsidiary of Philippine Infradev Holdings, Inc. that is building the Makati subway on Friday said it is forming a joint venture with Megaworld for a common station with the Skytrain being developed by another Andrew L. Tan-led company.
In a disclosure to the stock exchange, Tiu-led Philippine Infradev said its wholly-owned subsidiary, Makati City Subway Inc. (MCSI), has received the term sheet for the joint venture from Megaworld.
The common station that the joint venture will build will link the $3.5-billion (approximately P177.14-billion) Makati City subway and the P3.5-billion Skytrain project of Tan-led Infracorp Development, Inc.
Infracorp is the infrastructure arm of Mr. Tan’s Alliance Global Group, Inc., the parent company of Megaworld.
Aside from linking the two rail projects to be built by the private sector, the common station will also have connections to the Guadalupe MRT station and the Pasig River ferry system.
“Under the Term Sheet, MCSI and Megaworld have 60 days to finalize definitive agreements covering the proposed joint venture, including, but not limited to, the Joint Venture Agreement and Articles of Incorporation. During the same period, MCSI will not enter into any agreement or any transaction pertaining to the land that will be used as the common station,” Philippine Infradev said in the statement.
MCSI’s subway project is a 10-kilometer underground railway system that will traverse Makati City’s central business district.
Infracorp’s Skytrain project, on the other hand, is a two-kilometer monorail that will link MRT-3’s Guadalupe station to Megaworld’s Uptown Bonifacio.
In the same disclosure, Philippine Infradev said it has signed a construction agreement with China Construction First Group Corp. Ltd. (CCFG) for the Makati City Subway Project.
The cost of construction is still to be determined, but duration is set at 42 months with six months grace period.
“Under the Construction Agreement, CCFG shall be responsible for the construction including materials, manpower, equipment and other requirements to complete the project,” the disclosure said.
Philippine Infradev also said it entered a memorandum of agreement with the University of Makati to offer a P20-million annual scholarship program to students that wish to study in China.
The program offers students the chance to enter Tongji University’s College of Civil Engineering and return to the Philippines with a guaranteed employment in MCSI for management or technical positions.
The company said Tongji University is known for its engineering, business and architecture programs.
Shares in Philippine Infradev on Friday posted a 0.01 point or 0.79% uptick to P1.27 apiece, while shares in Megaworld increased 0.05 points or 1.18% to P4.30 each. — Denise A. Valdez
