IRC Properties announced yesterday it has secured the notice of award for Makati City’s ambitious subway project seen to ease traffic congestion in the country’s central business district.
In July, the IRC was awarded “original proponent” status for the project, giving it the right to match the bid of a challenger, should there be one, according to Public Private Partnership guidelines.
Intended to transform Makati into a “Smart City of the 21st Century,” the project is estimated to cost around $3.7 billion.
The Makati City government earlier said it expected to break ground for the project by the end of the year and for the subway to be operational by 2025.
The 11-kilometer subway will have up to 10 stations, one of which will be near the planned Metro Manila subway so that passengers from one railway can easily transfer to the other, Makati Mayor Abigail Binay said earlier.