MEGAWORLD Corp., through its consortium Trident Infrastructure and Development Corp., is open to reevaluating the P123-billion Laguna Lakeshore Expressway-Dike proposal should the current government decide to bid it out, but under “more favorable” terms, a top official of the listed builder said.
The Duterte administration earlier announced it is looking to pursue the Laguna Lakeshore public-private partnership (PPP) project and “resolve issues” so the plan could proceed after a failed bidding last March 28 prompted a review of the proposal, with none of the pre-qualified bidders submitting offers.
Alliance Global Group, Inc. (AGI) Executive Director Kevin L. Tan told BusinessWorld that the firm is “always looking at opportunities to expand and diversify its business.” AGI is the investment holding firm of tycoon Andrew L. Tan.
“If the government will reignite the project and if there are more favorable terms of reference, then we are interested, we might be interested to join again with our consortium partner,” Mr. Tan said in a recent interview.
The P122.8-billion Laguna Lakeshore Expressway-Dike contract involves a 47-kilometer flood control dike, on top of which will be a six-lane expressway from Taguig City to Los Baños, budgeted for about P64.914 billion; and the reclamation of 700 hectares west of the expressway-dike for about P57.897 billion. The concession period will run for 37 years.
The highway is expected to reduce travel time from Metro Manila to Laguna to 35 minutes from the current 90 minutes, and the project is expected to ease traffic flow and mitigate flooding from Taguig to Los Baños.
The three groups that had been expected to submit their bid documents last March were Malaysia’s Alloy-PAVI-Hanshin LLEDP Consortium (composed of Alloy MTD Capital BHD, Prime Asset Ventures, Inc., Hanshin Engineering Constructions); San Miguel Holdings Corp.; and Trident Infrastructure and Development Corp. — a tie-up of Megaworld, Aboitiz Equity Ventures, Inc., Ayala Land, Inc., and SM Prime Holdings, Inc.
However, the pre-qualified bidders decided not to submit offers due to concerns on the risk profile and complexity of the project.
Also among the concerns of the pre-qualified groups were the project’s flood control component and connectivity to C-5. — Imee Charlee C. Delavin