PH Infradev, Megaworld for common station
Credit to Author: Ma. Lisbet K. Esmael| Date: Fri, 13 Dec 2019 17:36:58 +0000
A unit of Philippine Infradev Holdings Inc. would enter into a joint venture with Megaworld Corp. for a common station for the $3.7-billion Makati Subway System and the proposed Sky Train.
In a regulatory filing, Philippine Infradev said its subsidiary Makati City Subway Inc. (MCSI) accepted on Friday the term sheet from the listed property developer for the station, which is being eyed to connect the Metro Rail Transit 3 (MRT 3) Guadalupe Station and the Pasig River Ferry Service.
“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,” Philippine Infradev said.
“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,” it added.
MCSI manages the operations of the multibillion dollar Makati Subway project, a 10-kilometer railway network with 10 stations that would connect the city’s central business district on the corner of Ayala and Sen. Gil Puyat avenues, Circuit City, Makati City Hall, University of Makati, Ospital ng Makati and other growth areas there.
The project is targeted to be completed in 2025. The subway can accommodate up to six-car trains, with each capable of accommodating more than 200 passengers.
Over 700,000 commuters are expected to benefit from this mass transport system.
Megaworld’s Infracorp Development, meanwhile, proposed the 2-km monorail project in Taguig City, envisioned to link the MRT 3 Guadalupe Station to Uptown Bonifacio in Bonifacio Global City.
Philippine Infradev shares rose by 10 centavos or 0.79 percent to close at P1.27 apiece, while Megaworld saw its shares grow by 5 centavos or 1.18 percent to finish at P4.30 each on Friday.