Interport consortium proposes to build Makati rail project
Publicly-listed IRC Properties, Inc. and its international consortium partners have secured the “original proponent status” for the proposed $3.7-billion Makati intra-city rail transport system.
In a disclosure to the Philippine Stock Exchange, IRC said its proposal for a joint venture to establish and operate the Makati Mass Transport System has been accepted by the city government.
The acceptance is for “purposes of detailed negotiations on the technical and financial aspects” of the project.
Under its proposal, the IRC consortium shall construct an 11-kilometer intra-city subway system with 8 to 10 stations that will connect key points in Makati's two districts with no cash out on the part of the city.
The proposed subway will complement the mass transport projects of the national government as it will interconnect with the MRT, the proposed Metro Manila Mega Subway and Pasig River ferry.
With a daytime population reaching 4.5 million, the project seeks to alleviate the traffic coming into, leaving and within Makati City.
“IRC's proposal is aligned with the national government’s aggressive infrastructure program as well as Makati’s goal to be a digital city," IRC Executive Vice President Georgina Monsod said.
She noted that, “not only will it move people quicker, it will allow people to be more productive and spend more time with their families. The project will also create thousands of jobs and reduce the carbon footprint due to lesser cars on the streets.”
The following companies have indicated their intention to be part of the IRC consortium: Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Holdings Ltd., and China Harbour Engineering Company Ltd.
Greenland is a publicly-listed real estate firm and part of the Shanghai Stock blue chip index and has recently acquired the subway and rail transport systems in Jiangsu province.
Jiangsu Provincial Construction Group, on the other hand, is a construction company founded in 1956. Together with Greenland, Jiangsu owns and operates Nanjing subway line 5 which also followed the PPP or Public-Private Partnership model.
Kwan On Holdings Ltd. is listed in the Hong Kong Stock Exchange and is engaged in construction and maintenance works on civil engineering contracts while Shanghai MinTu Investment Holdings is a Shanghai-based integrated investment holding group focusing on infrastructure, mass transportation, and financial services.
Meanwhile, China Harbour Engineering Company has 70 branches and representative offices in over 80 countries that provides full scope of services to engineering procurement construction contracts, BOTs and PPPs.
It constructed a portion of the Malaysian rail system (that included subways) and the Kong-Macau-Zhuhai bridge. It is also a contractor of the Hong Kong MTR.