The proposed Makati subway system of businessman Antonio Tiu will be connected to the planned Sky Train of Infracorp Development Inc. of tycoon Andrew Tan.
Philippine Infradev Holdings Inc. said in a disclosure to the stock exchange unit Makati City Subway Inc. accepted Friday the term sheet from Megaworld Corp. on the creation of a joint venture company that would develop a common station for the Makati subway system and the proposed Sky Train.
The common station of the two train systems will have access and connection to the MRT Guadalupe Station and the Pasig River ferry system.
“Under the term sheet, MCSI and Megaworld have 60 days to finalize definitive agreements covering the proposed joint venture, including, but not limited to, the Joint Venture Agreement and Articles of Incorporation. During the same period, MCSI will not enter into any agreement or any transaction pertaining to the land that will be used as the common station,” said Philippine Infradev.
No other details were provided, including the cost of building the common station and the timetable for the completion of the project.
The P3-billion Skytrain monorail project, which will reduce travel time from Fort Bonifacio to MRT Guadalupe Makati and vice versa to just five minutes, is expected to benefit around 60,000 to 100,000 passengers daily.
The two-kilometer monorail project is scheduled for completion by 2021.
The $3.7-billion Makati intra-city subway project, meanwhile, is an 11-kilometer with up to 10 stations that wil link establishments across the city’s business district.
Once completed, the subway system is expected to accommodate up to 700,000 passengers per day.
Meanwhile, Philippine Infradev reported that MCSI executed an agreement with China Construction First Group Corporation Limited (CCFG) on the construction of the Makati subway project.
CCFG under the agreement will be responsible for the construction, including materials, manpower, equipment and other requirements to complete the project.
The construction period covers 42 months with a grace period of six months.