The Ayala and SM conglomerates have teamed up to submit a P25-billion unsolicited proposal to build an 8.6-kilometer elevated tollroad that will link Sta. Mesa, Manila to the Mall of Asia complex.
The proposed tollroad “C3 Elevated Expressway,” which will pass through the central business district, had been submitted to the Department of Public Works and Highways, Ayala Corp. and SM Investments separately disclosed to the Philippine Stock Exchange on Friday.
Ayala, for its part, is taking part in this proposed project through AC Infrastructure Holdings Corp. while the SM group is participating through the parent conglomerate.
These big conglomerates are pitching the new tollroad as a way to “reduce” traffic congestion along EDSA and improve access to Manila Bay development areas, the Makati central business district, the cities of Mandaluyong, San Juan and Manila.
The proposed tollroad will have interchanges in Sta. Mesa, Circuit Makati, Ayala-Gil Puyat, Roxas Boulevard and SM Mall of Asia complex.
If when the government accepts the Ayala-SM consortium as the original proponent, the project will still have to undergo a price challenge but the duo will have the right to match the best alternative offer.