MANILA -- Infracorp Development, Inc., the infrastructure subsidiary of Andrew Tan’s Alliance Global Group Inc. (AGI), has expressed eagerness to start construction of its proposed 2-km. Makati-Taguig skytrain monorail project early next year.
“The project is now at NEDA (National Economic and Development Authority) and hopefully, it will be approved next month. We hope to start the construction of this project by first, second quarter next year and complete it by the end of 2021,” Infracorp President Kevin Tan said during the stockholders’ meeting of AGI’s subsidiary Megaworld Corp. on Friday.
Tan said the company has submitted to NEDA the original proponent status for the skytrain monorail project it obtained from the Department of Transportation (DOTr). “As of this point, we are still in the process of designing (the project),” he said, noting the PHP3.5-billion project aims to service some 100,000 passengers daily.
Tan bared the company is currently studying various options for sourcing the monorail's coaches. “There have been some offers from (an) Austrian company and French company, but we are also looking at Japanese, Chinese technology,” he added.
Under the proposed agreement, Infracorp will build the skytrain and transfer its ownership title to the government. It will have the sole right to operate the skytrain. The project aims to reduce travel time from Fort Bonifacio to Metro Rail Transit (MRT) Guadalupe, Makati and vice versa to only five minutes -- at no cost to the government.
Meanwhile, property firm Megaworld Corp. on Friday announced plans to double residential launches to PHP80 billion this year from PHP39 billion last year. “There is no better time to expand our residential offerings across the country but now, when the economy is sound and healthy, and our country is experiencing the infrastructure boom,” said Tan, senior vice president of Megaworld. (PNA)