INFRADEV TO START LAND ACQUISITION FOR MAKATI SUBWAY PROJECT

Makati subway proponent Philippine Infradev Holdings Inc. expects to complete the 8-kilometer mass transport infrastructure project by 2025 as engineers from contractor China State Engineering Second Bureau Ltd. recently arrived to finalize plans for the main construction site at Makati City Hall.

In a disclosure to the Philippine Stock Exchange, Infradev said its wholly owned subsidiary, Makati City Subway Inc. (MCSI), had executed a legally binding term sheet with its funding partner, Richer Today Inc. (RTI), to form an unincorporated joint venture to finance and acquire lots in and around station 5 of the Makati subway. This will be the main construction site where the tunnel boring machines will be assembled and lowered.

Infradev president and chief executive officer Antonio Tiu said that with the arrival of the first batch of engineers from China, the Makati subway would be on track for completion by 2025.

To ensure the timely availability of the required land, Infradev said RTI had committed to release at least P775.88 million within 120 days, with at least P234.73 million to be released within 10 days.

The engineers from China State Engineering, the engineering, procurement and construction contractor engaged by MCSI, are currently finalizing the construction plan for station 5.

“Construction on other stations will also commence soon,” Tiu said.

Each of the eight stations is estimated to cost an average of $150 million to construct. The other stations will be located at Mile Long, Makati Fire Station, Makati Bliss, intersection of Ortigas-Makati-BGC Bridge, University of Makati and Ospital ng Makati.