Lucio Tan-led group clinches deal to develop phase 1 of P550B Sangley airport project
The provincial government of Cavite has awarded the development of an international gateway in Sangley Point to the consortium of bilyonaryo Lucio Tan’s MacroAsia Corp. and China Communications Construction Co.
In a regulatory filing, MacroAsia said it received the notice of selection award for the joint development of Sangley Point International Airport Project phase 1, which will entail an investment of P208.5 billion.
MacroAsia said it would “take 12 to 18 months for the consortium to complete the detailed engineering design leading to financial closing.”
The Cavite government is the lead proponent and implementing agency of the project which supports the Transportation Department’s multi-airport strategy to decongest Ninoy Aquino International Airport, the country’s main international gateway whose passenger volume is already 40-percent above its design capacity of 31 million passengers annually.
The airport hub, which will rise on a 1,500-hectare property will offer four runways, airside and landside facilities with an annual capacity of up to 130 million passengers.
It is expected to be at par with Singapore’s Changi International Airport, Hong Kong International Airport and South Korea’s Incheon International Airport as it is positioned to be the next biggest development in air transport innovation in the country.