Metro Pacific Investments Corp. and the Public Works and Highways Department agreed to speed up the construction of the P23-billion expressway linking North Luzon Expressway and South Luzon Expressway.
Metro Pacific Group spokesman Mike Toledo said the company submitted Monday the post-award requirements to Public Works in compliance with the conditions to the construction and operation of the eight-kilometer NLEx-SLEx connector road.
Metro Pacific Tollways Development Corp. and unit Manila North Tollways Corp., the original proponent for NLEx-SLEx Connector Road Project, received the notice of award from Public Works on Sept. 19.
The MPIC Group won the Swiss Challenge for the project in July, after no company submitted comparative proposals.
MPTDC reduced its internal rate of return for the project to 10.87 percent from 12.09 percent by lowering the opening tariff from P100 to P87.
The Public Private Partnership Center earlier identified seven companies that purchased bid documents for the Swiss Challenge of NLEx-SLEx Connector Road, including San Miguel Holdings Corp., Obrascon Huarte Lain SA, Hunan Road and Bridge Corp. and four law firms.
The project is an unsolicited proposal approved by the National Economic and Development Authority under the build-operate-transfer scheme for the design, financing, construction, operation and maintenance of an eight-kilometer elevated toll expressway over the right of way of Philippine National Railways.
The project starts at the junction of NLEx Segment 10 at C-3 Road/5th Ave. in Caloocan City and seamlessly connects to South Luzon Expressway though Metro Manila Skyway Stage 3 Project in Manila.
Metro Pacific Tollways president and chief executive Rodrigo Franco earlier said the first section of the project would start in 2018.
“RoW [right of way] acquisition first before we start construction. The government has 30 months from signing of toll concession agreement to deliver right of way. We are hoping though that the government can deliver the RoW in sections to enable us to start sectional construction before the 30-month deadline,” Franco said.
The concession agreement on the project is expected to be signed in November this year.
He said the company would invest P15.74 billion on the NLEx-SLEx project, while the government would spend P7.46 billion for right of way acquisition.
The implementation of the project is scheduled from November 2016 to February 2022.
Public Works will implement the project, which has a total estimated cost of P23.2 billion and a concession period of 35 years.
Citra Metro Manila Tollways Corp., which is separately constructing the P26.7-billion Skyway Stage 3 Project, will build the five-kilometer common alignment from Polytechnic University of the Philippines in Sta. Mesa, Manila to Buendia in Makati City that will connect to NLEx-SLEx project.