Philippine Infradev Holdings Inc. said Friday it started purchasing properties for the development of the main station of the Makati’s underground rail system following the signing of a joint venture partnership between unit Makati City Subway Inc. and real estate and gaming entrepreneur Kevin Kristopher Wong.
Philippine Infradev said in a disclosure to the stock exchange wholly-owned subsidiary MCSI formed an unincorporated joint venture with Richer Today Inc., which is owned by Wong, for the financing, design, construction, development, marketing and sale of some 5.5 hectares of lots in and around Station 5 of the Makati City Subway Project.
Located near Makati City Hall, Station 5 is the main construction site where tunnel boring machines will be assembled and lowered, the company said.
RTI is a holding firm engaged in property acquisitions, fund transfers, remittance services, foreign exchange transactions and other allied activities. The company has investments and interests in property development, leasing of office and commercial spaces, food and beverages and other related businesses.
Under the term sheet agreement, RTI agreed to release at least P775 million within 120 days from signing, including P234 million within 10 business days from the execution of the agreement.
The firm will also be primarily and exclusively responsible for the marketing and sale of the gross sellable areas of the project, subject to the applicable laws and requirements.
MCSI said it already paid P780 million for land acquisitions in preparation for the arrival of the tunnel boring machines, which are being assembled in China.
Engineers from China State Engineering, the engineering, procurement and construction contractor engaged by MCSI, are already in the Philippines to finalize the construction plan for Station 5.
The proposed $3.7-billion Makati City subway project is a 10-kilometer railway system traversing the city’s central business districts.