Megaworld and MCSI to build common station for Skytrain, Makati subway

Makati City Subway Inc. (MCSI), a subsidiary of Philippine Infradev Holdings Inc., and Megaworld Corp. are forming a joint venture to build a common station for the proposed Makati subway system and Sky Train.

MCSI has accepted the term sheet from Megaworld for creating a joint venture, parent Infradev said in a regulatory filing submitted to the Philippine Stock Exchange on Friday.

“Under the Term Sheet, MCSI and Megaworld have 60 days to finalize definitive agreements covering the proposed joint venture, including, but not limited to, the Joint Venture Agreement and Articles of Incorporation,” Infradev said.

“During the same period, MCSI will not enter into any agreement or any transaction pertaining to the land that will be used as the common station,” it noted.

In May 2018, the Department of Transportation (DOTr) granted Alliance Global Inc.’s Infracorp original proponent status for the P3.3-billion Skytrain project. Infracorp submitted an unsolicited proposal to the government on Oct. 26, 2017.

The project will use the automated cable-propelled monorail technology. It is envisioned to reduce the travel time from Fort Bonifacio to MRT Guadalupe Makati to only five minutes.

Infracorp envisions the monorail benefitting 60,000 to 100,000 passengers daily who commute to and from the bustling business districts of Makati and Taguig.

Infradev’s MCSI plans to build a Makati subway that would connect key points like the current Central Business District at the corner of Ayala and Sen. Gil Puyat Avenues, Circuit City, Makati City Hall, University of Makati, Ospital ng Makati and other new growth areas within the city.

The subway is envisioned to accommodate up to six car trains, with room for over 200 persons per car. More than 700,000 passengers per day are expected to be served by the proposed mass transport system.

“The common station of the two train systems shall have access and connection to the MRT Guadalupe Station and the Pasig River ferry system,” Infradev said.

MCSI shall receive dividends or cash advances from the joint venture company that will be used to construct and operate the subway system, the company said.

MCSI executed a construction agreement with China Construction First Group Corp. Ltd. (CCFG) to build a transit-oriented development corresponding to another station in the Makati subway system.

Under the agreement, CCFG is responsible for the construction, including materials, manpower, equipment and other requirements to complete the project, according to Infradev.

The construction cost will be based on the final design, Infradev said. The construction will last for 42 months. —Ted Cordero/VDS, GMA News