Real estate conglomerate Ayala Land Inc (ALI) has won the bidding for the $86.9 million (P4 billion) Integrated Transport System South Terminal (ITS South) of the Department of Transportation and Communications (DOTC) in the Philippines.
ALI has outbid three companies – the Datem Inc, Filinvest, and MVM Terminals – for the ITS South Project, which is the second transport terminal project to be undertaken by the DOTC under a public-private partnership arrangement.
The real estate giant earlier disclosed that they will be awarded by the DOTC with a 35-year concession agreement to build and operate the ITS South Terminal.
Based on the agreement, ALI will have the right to develop and operate commercial leasing facilities on the 5.57 hectare former Food Terminal Inc property, on which the future transport terminal will be built.
The site of the ITS South Project is next to the Arca South, where ALI is developing an integrated mixed-use estate. It is an P80 billion five-year capital investments plan that ALI launched last year. It includes development of infrastructure including a hotel, hospital, residential space, office, and shopping mall.
“It is estimated that up to 4,000 buses and 160,000 passengers will feed into the upcoming terminal from SLEX (South Luzon Expressway) daily,” ALI said in its statement.
Construction of the ITS South Terminal will begin by May 2016 and is expected to be completed and ready for operation by October 2017.
ALI’s last trading price was up by 2.23 per cent or P0.85 to close at P39.00.
11 August 2015
