MANILA -- Developer IRC Properties said Tuesday it secured the right to build a subway in the Makati City financial district.

The notice of award came from the Public Private Partnership Selection Committee and the Makati City government, IRC told the stock exchange.

Further details will be revealed in a future disclosure, the company said.

• Makati subway: City gov't eyes December groundbreaking

Estimated to cost around $3.7 billion, the 11-kilometer subway is expected to help ease traffic in the city's financial district and other areas.

The 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.

The Makati City government earlier said it expected the project to break ground by the end of the year and for the subway to be operational by 2025.