Archive for the ‘News’ Category

Four firms seek to bid for PPP transport terminal project deal

Business World, 25 November 2014
By Chrisee Jalyssa V. Dela Paz
FOUR FIRMS have sought to qualify for the auction of the P4-billion contract to build an integrated transport hub near the Food Terminal, Inc. compound in Taguig City, the second of its kind to be rolled out under the public-private partnership (PPP) scheme.
An official of the Department of Transportation and Communications (DoTC) yesterday identified the prospective bidders that submitted pre-qualification documents for the project as: Ayala Land, Inc.; Datem, Inc.; Filinvest Land, Inc.; and MWM Terminals of Megawide Construction Corp.

Upon completion of preliminary evaluation, DoTC’s Special Bids and Awards Committee (SBAC) determined that only four out of six prospective bidders submitted pre-qualification documents on Tuesday.

“Only four of six interest bidders proceeded. Robinson’s Land Corp. and San Miguel Corp. — through a letter submitted to us — decided not to submit pre-qualification documents,” DoTC Spokesperson Michael Arthur C. Sagcal said at the sidelines of the event in Mandaluyong City.

Officials of San Miguel and Robinson’s could not be reached immediately for comment.

DoTC had called for parties interested in the ITS-South project in September.

The department will later announce a timetable for the second stage of the bidding process, involving a pre-bid conference and actual submission of bids for the ITS-South Terminal project, Mr. Sagcal told reporters. “The list of qualified bidders will be announced within the year,” he said.

A project brief of the PPP Center showed ITS-South involves the design, construction, financing, operation and maintenance of the facility that will give commuters from Laguna and Batangas access to other transport systems, such as the future North-South Commuter Railway project.

The ITS-South project will be executed under a 35-year build-transfer-operate (BTO) deal with the government, inclusive of construction period.

Besides ITS-South, DoTC is also looking at building similar integrated transport hubs in northern and south-western Metro Manila.

Transportation Secretary Joseph Emilio A. Abaya told reporters last week that the department is studying a site near Veterans Memorial Medical Center for ITS-North. Apart from that site, other prospective locations are the former Manila Seedling Bank, the Philippine National Railways site in Caloocan City and the University of the Philippines Diliman campus.

Asked if these locations are still options, Mr. Abaya replied: “Yes, they’re still options. Adding to that is the Veterans.”

A look at the PPP Center Web site showed the hub in the northern part of Metro Manila is meant to serve long-haul provincial and short-distance city transport service providers. Project cost, however, has yet to be determined.

For the P2.5-billion ITS-Southwest Terminal project, deadline of submission of bids will be on Dec. 1. Firms that have bought bid documents for ITS-Southwest are Ayala Land, Inc.; D.M. Wenceslao and Associates, Inc.; Egis Projects Philippines; Expedition Construction Corp.; Filinvest Land, Inc.; Megawide Construction Corp.; Metro Pacific Tollways Corp.; Robinsons Land Corp.; San Miguel Corp.; States Properties Corp.; and Vicente T. Lao Construction Corp.

The ITS-Southwest project — to be built on a 4.59-hectare site — will give commuters from Cavite access to other systems such as the future Light Rail Transit Line 1 South Extension. It will be executed also under a 35-year BTO deal, inclusive of construction period.

More detailed timetables for the two ITS projects have not yet been released by the Transportation department.

Battle for CALAX deal narrowed to Pangilinan, Ang groups

Business World, 25 November 2014
By Chrisee Jalyssa V. Dela Paz
A MALACAÑANG order to reopen bidding for the Cavite-Laguna Expressway (CALAX) contract has left erstwhile qualified bidders on the periphery, watching how diversified conglomerate San Miguel Corp. of Ramon S. Ang and businessman Manuel V. Pangilinan’s Metro Pacific Investments Corp. (MPIC) would battle for the P35.42-billion public-private partnership (PPP) deal.
There were four bidders for CALAX the first time it was put on the auction block last June 2: San Miguel’s subsidiary Optimal Infrastructure Development, Inc.; MPIC-led MPCALA Holdings, Inc.; Team Orion of Ayala Corp.’s AC Infrastructure Holdings Corp. and Aboitiz Equity Ventures, Inc’s Aboitiz Land, Inc.; and MTD Philippines, Inc.

Team Orion — the highest bidder — and MTD Philippines are out of the race, BusinessWorld reported earlier this week.

Now, only two are expected to show up in the rebidding: the groups of Messrs. Ang and Pangilinan.

The MPIC group said on Monday it has renewed its bid bond for the CALAX project.

“We renewed our bid bond as we want to play safe, but we want to see the terms first before confirming our participation,” Metro Pacific Tollways Corp. President Ramoncito S. Fernandez told reporters on the sidelines of an event in Balintawak late on Monday, speaking on behalf of MPCALA Holdings.

That bid bond — submitted as guarantee that the company has the financial muscle to carry on with the project should it bag the contract — expired on Sunday, although two weeks ago the Department of Public Works and Highways (DPWH), through a letter, gave the bidders an option to renew it.

MTD Philippines President Isaac S. David said in a Nov. 23 interview that the bond was P355 million and was placed during the June 2 tender.

MTD Philippines opted not to renew the bid bond, Mr. David had said.

Ayala Corp. of Team Orion said on Nov. 24 it will not “stand in the way” of the government’s decision to rebid CALAX, and reiterated it will not participate.

Yesterday, Team Orion said in a statement that it is “disappointed” over the Office of the President’s order, but voiced hopes that the outcome of the rebidding would benefit the government.

“We expect the rebidding to be conducted swiftly, above board and in line with established bidding procedures in order to ensure that the government obtains the P20 billion it had assumed to gain,” Team Orion said in the statement.

The Ayala-Aboitiz consortium was referring to the P20.1-billion premium on top of project cost that the San Miguel group supposedly offered for the CALAX deal. That bid would have topped Team Orion’s offered premium of P11.66 billion, MPIC group’s P11.33 billion and MTD Philippines’ P922 million.

But San Miguel was disqualified on a technicality concerning its bid security, prompting it to seek Malacañang’s intervention.

A rebidding would give San Miguel a fresh chance to bag the contract, but that could also mean the floor price could be a premium of P20 billion. Public Works officials and PPP Center Executive Director Cosette V. Canilao did not respond to requests for comments.

The Public Works department’s bids committee will convene this week to ready the terms of the rebidding, Ariel C. Angeles, officer-in-charge of PPP Service of DPWH, said in a Nov. 23 phone interview.

The CALAX project involves a 35-year state contract to finance, construct and operate a 47-kilometer four-lane toll road connecting two growth areas south of the capital. The expressway will start from the end of Cavite Expressway in Kawit, Cavite and terminate at the South Luzon Expressway (SLEx)-Mamplasan Interchange in Biñan, Laguna.

CALAX is DPWH’s third PPP project after the Daang Hari-SLEx road link awarded to the Ayala group and NAIA Expressway contract that went to San Miguel group.

MPIC is one of three Philippine units of Hong Kong-based First Pacific Company Ltd., the others being Philippine Long Distance Telephone Co. (PLDT) and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld.

Ayala, Aboitiz won’t join Cavite-Laguna expressway rebid

Rappler, 25 November 2014
But the tandem will not oppose the rebidding of the public private partnership project

MANILA, Philippines – Team Orion, the 50-50 joint venture of Ayala’s AC Infrastructure Holdings Inc. and Aboitiz Land is disappointed over Malacañang’s decision to rebid the Cavite-Laguna expressway (CALAX) project.

The conglomerates’ tandem was the accepted bid for the CALAX project at P11.65 billion ($259.03 million*).

The tandem would not oppose the rebidding of the public private partnership (PPP) project but would not join the process either.

“Team Orion is disappointed by the decision of the Office of the President to rebid the CALAX project. However, in the interest of national progress, Team Orion will not stand in the way of the CALAX rebid,” the tandem said in a statement.

Team Orion added that the Office of the President should conduct the rebidding immediately.

“We expect the rebidding to be conducted swiftly, above board, and in line with established bidding procedures in order to ensure that the government obtains the P20 billion ($444.59 million) it had assumed to gain,” the joint venture said in a statement.

San Miguel Corporation’s (SMC) Optimal Infrastructure Development Inc. submitted a P20.1-billion ($446.93 million) bid but was disqualified by the Department of Public Works and Highways (DPWH) due to a non-compliant bid security.

San Miguel, owned by Ramon Ang, brought the case to the Office of the President. President Benigno Aquino III previously said he was open to rebidding the entire project, shocking the Ayala-Aboitiz partnership and triggering negative reactions from fund managers and think-tanks.

Thus, in a 14-page decision on November 19 signed by Executive Secretary Paquito Ochoa Jr, the Office of the President directed DPWH to rebid the CALAX project.

“The Office of the President found appropriate basis to the arguments raised by Optimal, thus, granted its appeal. The Office of the President then directed the Special Bids and Awards Committee of the DPWH to conduct a rebidding of the CALAX project,” Presidential Communications Operations Office Secretary Sonny Coloma said in a statement on November 24.

Team Orion has yet to receive any formal notice from the Office of the President on the CALAX rebidding, Ayala Corporation managing director John Eric Francia previously said.

“We don’t want to overemphasize this but that is still the position of the company. We believe that the original bid was conducted in a fair and transparent manner. It just doesn’t make sense if we participate in the rebid,” Francia said.

Team Orion stressed though that it is supporting the construction of major road networks in the country to support economic growth.

“We can only hope that this vital road network will be built in the soonest possible time. Team Orion holds the view that the country should only move decisively and progressively forward in building the much-needed infrastructure the Filipino people deserve,” Team Orion said.

On the other hand, MP CALA Holdings has renewed the bid bond for the CALAX project as it awaits the terms and conditions of the rebidding, according to Metro Pacific Tollways Corporation President Ramoncito Fernandez.

The CALAX P35.4-billion ($787.02 million) project – a major public-private partnership under the Aquino administration – involves the financing, design, construction, operation, and maintenance of a 4-lane, 47-kilometer closed-system toll expressway connecting the South Luzon Expressway (SLEX) and the Cavite Expressway. –

*($1 = P44.97)

‘Ayala still supports PPP program’

Philippine Daily Inquirer, 25 November 2014
By Miguel R. Camus
Conglomerate Ayala Corp. has no plans of shunning the Aquino administration’s public private partnership program after President Aquino last week ordered a rebid of the Cavite Laguna Expressway deal it expected to win with partner Aboitiz Land Inc., a top official said Monday.

Ayala managing director Eric Francia told reporters in a briefing that while the company is unlikely to participate in a Calax rebid, which the government said would happen in the first half of 2015, he said there are other projects in the PPP pipeline where they see strategic opportunities.

Francia stopped short of making a formal statement on Calax, saying the Ayala-Aboitiz consortium known as Team Orion has yet to be officially notified by the Department of Public Works and Highways early Monday.

Still, Francia said the conglomerate is prepared to spend $1.2 billion to $1.4 billion in equity financing, with at least $1 billion of that amount going to power projects mainly in Bataan province and Lanao del Norte.

The remainder would be for PPP deals it had won, either by itself or with partners. These are the Light Rail Transit Line 1 extension to Cavite, Automated Fare Collection System and the 4-kilometer Daang-Hari-SLEx Link Road project, which it renamed yesterday into the Muntinlupa Cavite Expressway, or MCX.

“As we said before, we are unlikely to participate in the event of a [Calax] rebid. We don’t wish to overemphasize this but I believe this is still the position,” Francia said. “That position is limited to Calax. We will continue to look at other PPP projects,” Francia said.

He said projects they are currently eyeing include the P123-billion Laguna Lakeshore Expressway Dike project and the LRT-2 operations and maintenance contract.

President Aquino, in an order dated Nov. 19, directed the DPWH special bids and awards committee to rebid the Calax project.

In the order, Aquino granted the appeal that San Miguel Corp.’s disqualification be reversed but denied the latter’s request that its P20.1 billion offer, the highest had it not been disqualified, be considered, paving the way for another auction. Team Orion had offered P11.66 billion, edging out two other groups.

SMC’s Optimal Infrastructure Development was removed from the running because the date on its bid security was four days short of the required 180 days.

In its order, the Office of the President said the discrepancy was a mere typographical error and the company should not have been disqualified.

“Considering that Optimal should not have been disqualified in the first place, in the interest of fair play and to best protect the interest of the government, which is of paramount consideration, this office deems that the circumstances of this case necessitates the conduct of a re-bidding,” part of the document read.

Daang Hari tollway to SLEX to be opened in March

Manila Bulletin, 24 November 2014
By Kris Bayos
The expressway connecting Daang Hari Road with the South Luzon Expressway (SLEX) will be opened to the motoring public by March as construction is set to be completed in the next three to four months, according to Ayala Corp.

Noel Kintanar of the AC Infrastructure said the target opening of the Daang Hari-SLEX Connector Road, now rebranded as Muntinlupa-Cavite Expressway (MCX), is right on track with the 12-month timeline to construct after the full road access was turned over last February.

The MCX is the first Public-Private Partnership (PPP) project of the Aquino Administration awarded to Ayala Corp. in December, 2011. Construction of the toll road stands at 60 percent and is expected to ramp up to 80 percent by year end.

As of press time, right of way delivery for the four-kilometer toll road remains at 98 percent but Kintanar said full road access is expected soon. A single-ticketing system will be implemented for MCX, SLEX and nearby Skyway through interoperability agreements with other toll operators.

Kintanar said motorists who will use MCX can save 30 minutes to one hour of travel time between Muntinlupa and Cavite. The new toll road is also 1.5 kilometers shorter than the Daang Hari-Alabang, Zapote route to Makati City or three kilometers shorter than Commerce Avenue-Filinvest route to Makati City.

“The motorists will essentially save time, gas and cost of travel. And as developments in Cavite ramp up, motorists heading there have limited choice and it makes sense for them to use MCX,” he said.

Class 1 vehicles or private car owners will be charged P17 to access the four-kilometer MCX while Class 2 vehicles like buses or truck vans will be billed P34. Daily traffic projection for the MCX is 50,000 cars. The toll road will be operated for 30 years by Muntinlupa-Cavite Expressway, Inc.

Ayala Corp. reportedly invested around P2.2 billion to build the MCX in exchange for the 30-year contract to operate and maintain the toll road.

Toll rates set for Daang Hari, now MCX

Business World, 24 November 2014
By C.J.V. Dela Paz
THE DAANG Hari-South Luzon Expressway (SLEx), now called Muntinlupa-Cavite Expressway (MCX) and is the Aquino government’s first public-private partnership contract awarded, will be opened to motorists by March next year, its builder said yesterday.
The toll rates were set at P17 for Class 1 vehicles like cars and vans and P34 for Class 2 vehicles such as buses and trucks, Noel Eli B. Kintanar, executive vice-president of Ayala Corp.’s AC Infrastructure Holdings Corp., told a briefing.

“As of November, construction is estimated to be over 60% complete and 80% by end of the year,” Mr. Kintanar said.

“We are on track to open in March next year and be fully operational a month after, also within the first quarter.”

The expressway’s operation period officially starts when the toll operation certificate is issued, according to the concession agreement.

The MCX, formerly known as the Daang Hari-SLEx Link Road project, is a four-kilometer four-lane toll road that snakes through the junction of Daang Reyna and Daang Hari in Las Piñas and Bacoor, Cavite to SLEx via the Susana Heights Interchange in Muntinlupa, traversing the New Bilibid Prison Reservation.

The P2.01-billion link road would use the Susana Heights Interchange as exit and entry from north and south of SLEx.

The contract was awarded in December 2011, and was supposed to be completed 18 months after signing. Construction, however, had been delayed by problems over an interconnection to SLEx and right-of-way issues.

Ayala Corp. said it is in talks with the Skyway O&M Corp. and South Luzon Tollways Corp. — operators of Metro Manila Skyway and SLEx — to provide smooth travel for 50,000 expected motorists.

An “interoperability agreement” would “provide motorists seamless travel from the MCX as well as SLEx and Skyway” as they would be allowed to exit the three toll roads under one ticketing system, company officials said.

“Both SLEx and Skyway have their own clearing operations and this is what we are currently discussing,” Mr. Kintanar said.

Ayala in talks for ‘seamless’ Muntinlupa-Cavite Expressway

Rappler, 24 November 2014
By Mick Basa
Ayala is in talks with other toll road operators to ensure a seamless interchange for the former Daang Hari-South Luzon expressway project
MANILA, Philippines – Ayala Corporation’s (AC) infrastructure arm is in talks with operators of toll roads located south of Manila to make a seamless interchange of its upcoming Muntinlupa-Cavite Expressway (MCX), formerly the Daang Hari-South Luzon expressway (SLEX) link road project.

“We’re currently finalizing the interoperability agreement. Both SLEX and Skyway have their own clearing operations and this is what we are currently discussing,” AC Infrastructure Holdings Inc. executive vice president Noel Kintanar said on Monday, November 24.

Renaming the project to MCX is for “descriptive, catchy, and easy brand recall” purposes, Ayala said in a presentation. MCX is part of a network of tollroads such as the SLEX, North Luzon expressway (NLEX); Manila-Cavite toll expressway (CAVITEX); the Tarlac-Pangasinan-La Union expressway (TPLEX) and the Cavite-Laguna expressway (CALAX) project.

MCX is the first major public-private partnership (PPP) project under the Aquino administration bagged by the Ayala conglomerate in 2011. The road connects the rapidly growing towns of Imus, Dasmariñas, and Bacoor in Cavite to Metro Manila.

The P2.2-billion ($48.89 million*) MCX is slated to be completed in the first quarter of 2015, Kintanar said, adding that the Department of Public Works and Highways (DPWH) has delivered 98% of the project’s right of way.

By then, Kintanar said the firm expects to seal the deal with other expressway operators to make a universal payment system for an estimated 50,000 motorists.

The road link project has experienced delays, particularly in the construction of its second segment that needed approval from SLEX operator, South Luzon Tollways Corporation, in 2012.

MCX was previously estimated to be finished in September or October 2014.

But Ayala also had to iron out issues with the Villar group’s Vista Land & Landscapes, which reportedly wants to put up a mall close to the toll road, and in the same area where the Ayala is keen to build a commercial center, too.

Construction of the MCX was fast-tracked by February 2014 after the Ayala unit gained access to the interchange. Early works on the road began in May 2013.

MCX starts at the portion of Daang-Hari near Verdana Homes in Imus; cuts through government properties in Muntinlupa; and ends near the Susana Heights interchange in SLEX.

The toll road also serves as access to Cavite, apart from the congested Alabang-Zapote road.

Ayala’s interest in the PPP project is deemed strategic due to the presence of the group’s other businesses in the area, specifically the Alabang Town Center and Ayala Alabang Village, two posh properties owned by the conglomerate through its subsidiary, Ayala Land Inc. –


Ayala to invest more in energy, infra areas

Manila Standard Today, 24 November 2014
By Jenniffer B. Austria
Conglomerate Ayala Corp. said it is committing equity investments of between $1.2 billion and $1.4 billion in power and infrastructure projects by 2016, slightly higher than the original target of $1 billion set in 2012.

Ayala Corp. head of energy and infrastructure group John Eric Francia said in a press briefing Monday the company would pump in up to $1 billion in equity in the energy sector and $400 million for infrastructure projects.

Ayala is investing $400 million in four existing energy projects, two wind projects, one mini-hydro power plant and the 135-megawatt coal station in Batangas province in partnership with Trans-Asia Oil and Energy Development Corp.

It is allotting $300 million for the group’s equity investment in a 600-MW coal power project project in Mindanao and another $300 million for another coal station in Bataan.

Francia said the company will be disbursing up to $250 million in equity investment for the Muntinlupa-Cavite Expressway, formerly Daanghari-South Luzon Expressway project, the Automated Fare Collection System and the Light Rail Transit Line 1 Cavite Extension.

Ayala plans to infuse another $150 million into the Cavite-Laguna Expressway project, which may be subjected to a rebidding.

Francia said the conglomerate would scout other infrastructure projects even if the government decided to rebid Calax.

“We have not received formal advice from Department of Public Works and Highways or the Office of the President [on the rebidding of Calax]. We will issue formal statement if we can get formal advice,” Francia said. He reiterated the company’s position not to participate in the rebidding of Calax.

Meanwhile, Ayala Corp. said it would open the four-kilometer MCEx by March next year. MCEx is the first toll road project that the Aquino administration bid out under the so-called Public-Private Partnership program.

AC Infrastructure Holdings Corp. executive vice president Noel Kintanar said in a presentation the project would significantly be completed by the end of the year in time for the opening in March. Construction as of November was estimated to be over 60 percent complete.

The conglomerate, which invested about P2.2 billion in the project, will operate and maintain the road for 30 years.

The toll rate for the four-kilometer, four-lane road is set at P17 for Class 1 vehicles and P34 for Class 2 vehicles.

MCEx is expected to relieve traffic congestion along the Daanghari Road and Commerce Avenue and give commuters from Molino and Bacoor, Cavite faster and easier access to the South Luzon Expressway.

Ayala sees completion of Daang Hari-SLEX toll road no later than March next year

InterAksyon, 24 November 2014
By Darwin G. Amojelar

MANILA – The Aquino administration’s first public private partnership (PPP) project is set to open in the first quarter of next year.

In a briefing today, AC Infrastructure Holdings Inc president Noel Kintanar said construction of the Muntinlupa Cavite Expressway (MCX), formerly known as Daang Hari-SLEX Connection Road is scheduled for completion in the next three to four months.

The road will connect Muntinlupa City to Cavite through Bacoor. As of November, construction was over 60 percent complete.

Kintanar said the toll for the four-kilometer, four-lane road would be set at P17 for Class 1 vehicles, and P34 for Class 2 vehicles. Daily vehicle traffic at the toll road is expected to reach 50,000.

MCX would relieve traffic congestion along the Daang Hari Road and Commerce Avenue, giving commuters from the Cavite towns of Molino and Bacoor faster and easier access to the South Luzon Expressway.

The first PPP venture that the Aquino administration bid out, the Daang Hari-SLEX Link was supposed to have been completed in the third quarter of this year but the private contractor moved its timetable because of delays in securing a right of way with South Luzon Tollways Corp (SLTC). Controlled by San Miguel Corp, SLTC operates SLEX.

Both parties agreed on the interconnection only in December last year.

Ayala-owned AC Infrastructure bagged the project linking Cavite to Metro Manila through SLEX in December 2011.

The conglomrate invested around P2.2 billion in the project, which it will operate and maintain for 30 years.

The road will provide southern Metro Manila with a high-standard highway within a 200-kilometer radius of the Philippine capital and will serve as an alternative route to Cavite, decongesting traffic in some parts of the province and Las Pinas and Muntinlupa, specifically the Alabang-Zapote Road and Commerce Avenue.

Bids to challenge SM in Manila Bay reclamation sought

Rappler, 24 November 2014
The city government of Parañaque says comparative proposals for the P50.2-billion project may be submitted until December 1
MANILA, Philippines – The city government of Parañaque is seeking comparative proposals for the P50.2-billion ($1.12 billion)* Manila Bay reclamation and development project, which was proposed by SM Prime Holdings Incorporated.

Interested companies have until Monday, December 1, to submit their expressions of interest to submit comparative proposals, the public-private partnership selection committee (PPP-SC) of Parañaque said.

PPP-SC chairman Fernando Soriano said the committee and SM Prime have already completed negotiations under Stage 2 of the competitive challenge process for the 300-hectare project.

Interested companies should have a minimum capitalization of P50 billion ($1.11 billion), a credit line of at least P10 billion ($222.54 million), and should have undertaken and completed reclamation project of not less than 130 hectares, preferably within the Manila Bay area.

Interested proponents should also be able to prove that they could raise the total funding needed to complete the project within 8 years.

The Parañaque PPP-SC also wants interested bidders to adhere to the rules and not seek and obtain writ of injunction or prohibition or restraining order against the committee regarding the competitive challenge process and the award of the project.

After submission of expressions of interest, the companies would have until January 5, 2015, to submit compliant comparative proposals.

“This 30-day period is a continuation of the period, which commenced on September 25 per notice to the public given to prospective private sector proponents to secure the tender documents for the project,” Soriano said in the invitation.

No interested party has purchased tender documents yet, the Parañaque PPP-SC said.

The PPP-SC said the project would be awarded to SM Prime and if no interested party submits expression of interest, and the Stage 3 of the competitive challenge would be terminated.

SM Prime president Hans Sy previously said the company would unveil the master plan being prepared by New York-listed Aecom Technology Corporation for a P100-billion ($2.22 billion) “future city” by combining the reclamation projects in the cities of Parañaque and Pasay.

In August, the PPP-SC of the Pasay City government endorsed to the mayor the proposal of SM Land Incorporated to reclaim and develop 300-hectares of land in Manila Bay for P54.5 billion ($1.21 billion).

SM Land said that 51% or 153 hectares of the total land to be reclaimed, including roads and open spaces, would be allocated to the Pasay City government or the Philippine Reclamation Authority (PRA). It committed to finish the project within 7 years from the issuance of the notice to proceed by the Pasay City government.

Pasay City Mayor Antonino Calixto signed a joint venture agreement with SM Land in November 2013, which was submitted to PRA.

Earlier in November, comparative proposals have been sought for the P4.2-billion ($93.61 million)* condominium project of SM Development Corporation. Interested bidders have until Monday, December, 1 to submit their eligibility documents. –

*US$1 = P45.03