MANILA—SM Prime Holdings on Friday said it has submitted an unsolicited proposal to develop a monorail project in Pasay City in December last year.
The 1.89-kilometer EDSA-Taft Ave. to J.W. Diokno Boulevard Transit monorail system aims to provide "seamless connectivity" to decongest and reduce travel time in the area, the Sy-led group told the stock exchange.
"SM Prime submitted an unsolicited proposal for the monorail project in Pasay," the company said.
Transport Secretary Arthur Tugade and Pasay City Mayor Imelda Calixto-Rubiano on Sept. 22 signed a Memorandum of Agreement for the integrated Pasay Monorail and EDSA-Tramo Flyover Extension Project, the DOTr said in a Facebook post.
"Perfect for urban setting and congested locations, the monorail project is designed to ease vehicle traffic and result in a much comfortable, efficient, and safe movement of commuters," Tugade said.
The Department of Transportation will have a share in gross fare revenues while Pasay City will transfer ownership over all components to the national government after 35 years, SM Prime Holdings said.