MANILA - Philippine Infradev Holdings Inc said Tuesday its unit has signed deals for the financing and acquisition of lots for the Station 5 of the Makati City Subway Project.
Its subsidiary, the Makati City Subway Inc has signed a Term Sheet agreement with Richer Today Inc to form an unincorporated joint venture for, among others, the financing and acquisition of lots in and around Station 5, Philippine Infradev Holdings Inc told the stock exchange.
The company said RTI committed to release at least PhP775,885,265.22 within 120 days from signing of the term sheet with at least PhP234,730,905.36 to be released 10 days from today.
"Station 5 has been identified as the main construction site where the tunnel boring machines will be assembled and lowered," Philippine Infradev said.
The first batch of engineers from its Chinese contractor has arrived and currently finalizing construction plans, it said.
The 10-station train system spans 10 kilometers with stops in key points around Makati.