Makati Subway guarantees completion in 7 years
Philippine Infradev Holdings Inc. has committed to finish the $3.7 billion Makati Subway within seven years from the execution of its deal with millennial bilyonaryo Kevin Wong.
Infradev’s wholly owned subsidiary Makati City Subway Inc. entered into a partnership with Wong’s Richer Today Inc. which shall finance, acquire and construct the lots in and around station 5 of the 10-kilometer mass transport system.
RTI has agreed to invest at least P775.89 million within 120 days from the signing of the term sheet with at least 234.73 million to be released within 10 business days.
It shall commence the actual construction of the project after 2 years from the execution of the term sheet.
The first batch of engineers from China Construction Second Engineering Bureau Ltd. recently arrived from China and are currently finalizing the construction plan for Station 5, which will be the main construction site where the tunnel boring machines will be assembled and lowered.
RTI came to Infradev’s rescue after Hong Kong Binjiang Industrial Ltd. backed out from the Antonio Tiu-led project.
Source: Bilyonaryo