Makati City awards contract for Makati Subway System

The Makati City government has awarded to the original proponent IRC Properties, Inc. the contract to construct and operate the Makati Subway System as the lead proponent of a consortium.

“The company received today from PPP Selection Committee of Makati City Government a Notice of Award for the construction and operation of the Makati Subway System (the “Project”) to be implemented through a joint venture agreement,” IRC said in a disclosure released October 23.

According to IRC, in due course, they will inform the public through a disclosure the schedule of commencement of operations, including ground breaking activities.

In June, IRC disclosed that Greenland Holdings, Jiangsu Provincial Construction Group, Kwan On Holdings, MingTu Investment Holdings and China Harbour Engineering Construction Ltd. have signified to join the consortium.

“The total project cost of $3.7 billion was based on the feasibility study submitted by the Company to Makati City but said cost is still subject to adjustment after the detailed negotiations on the technical and financial aspects of the project,” IRC said.