Array
Neighborhoods

Are We Going to See an 11km Subway in Makati Soon?

Costing $3.7 billion, the project still has to be negotiated by the LGU and proponent IRC Properties

Shares
Photography: Pexels

The Makati City Government has granted “original proponent status” to the unsolicited proposal of listed real estate firm IRC Properties Inc. to establish and operate a subway system in the city, the company said in a disclosure to the Philippine Stock Exchange (PSE) on June 20.

 

IRC Properties, which recently changed its name to Philippine Infradev Holdings Inc., said the Makati City Government accepted the proposal for “purposes of detailed negotiations on the technical and financial aspects.”

ADVERTISEMENT - CONTINUE READING BELOW

“The Company has been conferred original proponent status on the Unsolicited Proposal as it proceeds to the next phase of the Public-Private Partnership (PPP) process,” the IRC said in the disclosure.

A report by the The Manila Standard said IRC is seeking to construct and operate an 11-kilometer subway with eight to 10 stations that will serve two districts of Makati. The project would reportedly cost $3.7 billion to build. The scheme wouldn’t cost the government anything but revenues will come mainly from user charges or fare from passengers.

The IRC also reportedly said that Chinese companies Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Holdings Ltd. and China Harbour Engineering Company Ltd. have been interested to participate in its project.

The subway project seeks to complement the current and planned mass transportation projects of the government such as the Metro Rail Transit Line 3, Pasig River Ferry and the Metro Manila Mega Subway. Earlier this month, the company increased its authorized capital stock from Php1.5 billion to Php10.5 billion to “finance the expansion of its current and future projects.”

ADVERTISEMENT - CONTINUE READING BELOW

Based on its disclosures to the stock exchange in the past two months, the company has been undergoing restructuring. In April, the company elected new members of the board with a new president and chief executive officer.

The company is primarily involved in the acquisition, reclamation, development or exploitation of land, forests, minerals, oil, gas and other resources. Its main asset is a 2,200-hectare property in Binangonan, Rizal that it aims to develop into a residential project.

 

*****

 

Elyssa Christine Lopez is a staff writer of Entrepreneur PH. Follow her on Twitter @elyssalopz

 

This story originally appeared on Entrepreneur.com.ph.

* Minor edits have been made by the Realliving.com.ph editors.

More on Realliving.com.ph

Shares
Recommended Videos

Latest Stories

Maggie Wilson's Casa Consunji Will Make Your Tropical Dream Home Possible

The store boasts of modern signature pieces made from natural elements.

5 Steps to Starting Your Own Organic Container Garden of Herbs and Vegetables

You don't need a green thumb to grow your own veggies and herbs at home.

7 Ideas to Make Your Small Bathroom Look Big

It's important to be smart about how you decorate and organize.

5 Reasons Child-Sized Furniture Is a Worthy Investment for Your Home

For one, smaller furniture is much safer for young kids to use.

7 Stores to Shop for Kids and Child-Sized Furniture (Beds, Chairs and Tables, and More)

Let your child's personality shine by choosing unique pieces for her room!

The Favorite Furniture Stores of Manila's Most Discerning

If luxe and exceedingly stylish furniture is what you're after, check this list out.

Porcelain vs Ceramic for Bathroom Tiles: Here's How and What to Choose

Should you go for porcelain tiles or ceramic tiles? A licensed interior designer gives her advice

10 Cute Pots for Your Plant Babies

Give your little green friends the home they deserve!

Andi Manzano Offers a Peek at Her Line of Child-Sized Furniture (Available in October!)

The actress collaborated with a home store that specializes in furniture for babies and kids.

Where to Find Wall Stickers for Your Child's Bedroom (No Need for a New Paint Job!)

You can get wall stickers in lots of unique colors and designs.

'Walang Trabahong Pang-Forever': 5 Lessons on Investing from Dimples Romana

Dimples and her husband have been investing in real estate properties since 16 years ago when they got married.

Take Note: Here's How Often You Should Wash Your Bed Sheets

There's a recommended general rule of thumb you should remember.
Load More Stories

Get inspiring design ideas and handy hints.
Subscribe to our newsletter now!