MANILA - (UPDATE) Billionaire Andrew Tan is diversifying into infrastructure and has proposed to build a 2-kilometer "Skytrain" monorail in one of the capital's financial centers, his holding firm said Wednesday.
The new company, INFRACORP, submitted to government this week an unsolicited proposal for the monorail, which will connect the MRT Guadalupe Station to Tan's own Uptown Bonifacio development, Alliance Global told the stock exchange.
The Skytrain, which will be at no cost to the government, will serve 60,000 to 100,000 passengers daily, according to the disclosure.
"Given the country’s strong and stable economy, we see a huge opportunity to invest in infrastructure. We are excited to participate and optimistic about the government’s aggressive push for infrastructure developments," said Alliance Global executive director and INFRACORP president Kevin Tan.
Tan said the Skytrain could cost P3.8 billion based on initial estimates. With early government approval, Tan said INFRACORP hoped to start construction by the second half of 2018 and finish in 2 years.
Companies under Alliance Global include property developer Megaworld, casino operator Resorts World Manila, Travellers International Hotel Group and brandy-maker Emperador Inc.
Forbes Magazine estimates the 65-year-old Tan's net worth at $2.9 billion, making him the country's 9th richest man according to the publication's 2017 ranking.