Real estate developer IRC Properties and its international consortium partners were granted "original proponent status" for its proposed $3.7-billion Makati subway project, the firm said on Wednesday.
In a disclosure to the stock exchange, IRC said it proposes to construct an 11-kilometer intra-city subway system with 8 to 10 stations that will connect key points in Makati's two districts with no cashout for the city.
"The proposed subway will complement the mass transport projects of the national government as it will interconnect with the MRT, the proposed Metro Manila Mega Subway and Pasig River ferry," the company said.
IRC said Chinese companies Greenland Holdings Group, Jiangsu Provincial Construction Group Co Ltd, Holdings Ltd, and China Harbour Engineering Company Ltd have indicated their intention to join the consortium it would lead.
The company recently applied to increase its authorized capital to P10.5 billion from P1.5 billion.
In a disclosure to the stock exchange, IRC said it proposes to construct an 11-kilometer intra-city subway system with 8 to 10 stations that will connect key points in Makati's two districts with no cashout for the city.
"The proposed subway will complement the mass transport projects of the national government as it will interconnect with the MRT, the proposed Metro Manila Mega Subway and Pasig River ferry," the company said.
IRC said Chinese companies Greenland Holdings Group, Jiangsu Provincial Construction Group Co Ltd, Holdings Ltd, and China Harbour Engineering Company Ltd have indicated their intention to join the consortium it would lead.
The company recently applied to increase its authorized capital to P10.5 billion from P1.5 billion.
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