The monorail project of tycoon Andrew Tan’s Alliance Global Group Inc. (AGI) is seeing just a few more stops ahead before it can begin formal construction early next year.
AGI CEO Kevin Tan said in a chance interview last week that project proponent Infracorp Development Inc. had finalized negotiations for the concession agreement of its P3-billion monorail that would link Fort Bonifacio and the outskirts of the Makati Central Business District in Metro Manila.
The unsolicited project of Infracorp Development, a unit of AGI, will now be evaluated by the National Economic and Development Authority ahead of a Swiss Challenge. This is a type of bidding that allows rivals to challenge Infracorp, which holds the right to then match the best alternative offer.
“We want to start [construction] by January next year,” Tan said, adding the project would take two and a half years to finish.
Progress on the monorail, which will span almost two kilometers from Fort Bonifacio in Taguig to MRT-3 Guadalupe station Makati, marks an important step for AGI.
The conglomerate’s core businesses are mainly in the property, consumer and gaming sectors. But in recent years, AGI has been selectively pursuing transport infrastructure opportunities, often with large partners.
In 2018, AGI joined six other conglomerates in what became known as the Naia Consortium, which offered to upgrade and operate Manila’s Ninoy Aquino International Airport via a 15-year concession. The offer will also be evaluated by Neda.
AGI’s monorail project is expected to benefit 60,000 to 100,000 commuters per day. It will help passengers bypass traffic-strangled roads to Bonifacio Global City in Taguig.
Tan explained they have to manage the pace of construction since the monorail’s alignment would cross busy areas.
“We’re passing through public roads so we don’t want to disturb it too much,” he said.
If successful, the monorail can serve as a template for similar projects in the future, AGI had previously announced. This includes a possible monorail that will link Megaworld’s Eastwood City in Libis to Santolan Road.