Makati subway proponent Philippine Infradev Holdings Inc. said acquisition of lots for the main station of its proposed underground train system is now in full swing following the signing of a joint venture agreement between its unit Makati City Subway Inc. (MCSI) and its partner Richer Today Inc. (RTI).
Located near Makati City Hall, Station 5 is the main construction site where tunnel boring machines will be assembled and lowered.
RTI, a holding firm primarily engaged in property acquisitions, fund transfers, remittance services, foreign exchange transactions, and other allied activities, is majority owned by real estate and gaming entrepreneur Kevin Kristopher K. Wong. The company has investments and interests in property development, leasing of office and commercial spaces, food and beverages and other related businesses.
Under the term sheet, RTI obligated itself to release at least P775 million within 120 days from signing, with at least P234 million to be released within 10 business days from execution of the agreement. The firm will also be primarily and exclusively responsible for the marketing and sale of the gross sellable areas of the project, subject to the applicable laws and requirements.
On its part, MCSI has paid P780 million for land acquisition in preparation for the arrival of the tunnel boring machines, which are currently being assembled in China.
Engineers from China State Engineering, the engineering, procurement and construction contractor engaged by MCSI, are already in the Philippines to finalize the construction plan for Station 5.
Philippine Infradev said its wholly-owned subsidiary MCSI has also formed an unincorporated joint venture with RTI for the financing, design, construction, development, marketing and sale of 5.5 hectares of lots it will develop in and around Station 5 of the Makati City Subway Project.