Businessman AntonioTiu-led Philippine Infradev Holdings Inc. and tycoon Andrew Tan’s property arm Megaworld Corp. have agreed to link up the planned Makati Subway and Skytrain in Taguig.
In a regulatory filing, Infradev said it accepted the term sheet from Megaworld for the creation of a joint venture company that will develop a common station for the two train systems which shall have access to the MRT Guadalupe station and the Pasig River ferry system.
Infradev shall receive dividends or cash advances from the joint venture that will be used for the construction and operation of the Makati Subway.
It likewise tapped China Construction First Group Corp. Ltd. (CCFG) for the construction of a transit-oriented development in the Makati Subway.
The construction period for the project shall be 42 months with six months grace period.