IRC Properties bags Makati subway project

MAKATI City’s dream of having a subway is slowly turning into reality as developer IRC Properties announced that it has already secured the right to build the ambitious public transport infrastructure in the country’s financial district.

In statement released on Tuesday, IRC said that the notice of award came from the Public Private Partnership Selection Committee and the Makati City government and added that further details will be revealed in a future disclosure.

In July, the IRC had secured “original proponent” status for the project, meaning it has the right to match the bid of a challenger, should there be one, according to Public Private Partnership guidelines.

The project — part of the plan to transform Makati into a “Smart City of the 21st Century” – is estimated to cost around $3.7 billion and is expected to help ease traffic in the city and nearby areas.