Makati council clears subway deal with Philippine Infradev
PHILIPPINE Infradev Holdings, Inc. expects to sign the joint venture agreement (JVA) with the Makati City government for the subway project on July 29.
In a disclosure to the stock exchange on Monday, the listed company said the Makati City Council has approved an ordinance which cleared the terms and conditions for the agreement.
“Execution of the JVA is scheduled on 29 July 2019 at 10:00 am at the 21st floor of the Makati City Hall, subject to compliance by the company of certain conditions such as performance security, list and role of final members of the Private Proponent’s consortium that shall undertake the project, company registration documents, and copies of the resolutions adopted by the Board of Directors,” Philippine Infradev said.
Philippine Infradev leads the consortium which is undertaking the $3.7-billion Makati City Subway Project. The consortium also includes Chinese firms Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Kwan On Holdings Ltd., and China Harbour Engineering Company Ltd.
The 10-kilometer intracity railway system will have eight stations, and scheduled to be completed by 2025.
The proposed alignment would begin at Ayala Avenue, and ending near Ospital ng Makati. Travel time would be around 15 minutes from the two points. This will cater to about 700,000 passengers a day.