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Interdev's (IRC) Makati City Subway project

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Interdev's (IRC) Makati City Subway project


Map: source

Target: by year-end, once a US$3.7Bn Swiss challenge is completed
+ Originated as a PPP proposal from an international consortium
+ IRC Properties, the consortium, was given Originating proponent Status
+ Bids to be submitted by end Sept.2018, and IRC may win by matching best


Investment in the Makati City subway project /

Philippine Interdev Holdings ... 5yr : 2yr : 1yr / 10d - Last: P2.36 (L: 0.66- H: 2.97)


Shanghai Mintu Investment Holding Co ... (cannot find a stock symbol)

Kwan On Holdings Ltd / HKG: 1559 ... 5yr : 2yr : 1yr : / hmm, may be looking for a future



Another Chinese firm to invest $100M for Makati subway

Ni Xiaohong, Chairman on the board of Shanghai Mintu Investment Holding Co. said the Ministry of Commerce has given the company the green light
to invest in the ambitious project undertaken by publicly-listed Philippine Interdev Holdings (formerly IRC Properties Inc.)
He said the company with an asset base of about 5 billion yuan, is the first private co. given the green light by the MofC to invest overseas.
The chairman said his company is interested in investing in major infrastructure projects in the Philippines

Shanghai Mintu ventured into shipbuilding in 2001, and was listed on the Singapore stock exchange in 2003.  It is also active in mining and finance.

It has executed a binding memorandum of agreement with China Civil Engineering Construction Corp (CCECC).
The wholly owned sub of China Railway Construction Corp (CRCC) has committed to invest between $300-350 million in connection with the
Makati City subway public private partnership project

/ 2 /

Iris Gonzales (The Philippine Star) - June 21, 2018

The proposed transport system will complement the mass transport projects of the national government as it would be interconnected to the MRT, the proposed Metro Manila Mega Subway and the Pasig River ferry.

IRC recently applied for an increase its authorized capital to P10.5 billion from P1.5 billion.

Several companies have already indicated their intention to be part of the IRC consortium.
These are Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Kwan On Holdings Ltd., and China Harbour Engineering Co. Ltd. Greenland is a publicly-listed real estate firm and part of the Shanghai Stock blue chip index while the Jiangsu Provincial Construction Group is a construction company founded in 1956 and is one of the pioneers in China’s construction and installation industry.
Kwan On Holdings Ltd., on the other hand, is listed in the Hong Kong Stock Exchange,  while Shanghai MinTu Investment Holdings is a Shanghai based integrated investment holding group focusing on infrastructure, mass transportation, and financial services.

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The proposed 10-11 kilometer Urban Rail system will connect:
+ key points in Makati, along Ayala Ave
., Makati City Hall, Poblocion Heritage site,
. Univ.of Makati, Ospital ng Makati, & other new business districts
+ will also connect to MRT, Pasig River ferry, and new Mega-Manila subway
+ Expected to serve 700,000 passengers a day, along 10 stations
+ Air conditioned cars and stations
(per Makati Bulletin, pg 13, Fri.Aug. 24, 2018)

My own Back of envelope calculations:
$3.7B x 10%= US$370M/ 365 = $1M = P53M day capital costs / 700k= P76 for cap costs only (operating costs also need to be covered)
So journeys likely to cost p100 or more (that's my guess)
To keep costs down, they will have to develop property at stations (per HK)

met3-makati-subway_2018-08-23_20-40-07.j : chino roces is wrongly labeled here : Amorosolo?

Map2: source

Here are the basic stats on the Makati PRT, based on information from the Makati City government so far:

  • Makati Subway stations: 10 underground stations with at least 30 entrances linked to key destinations around the city
  • Project cost: USD 3.7 billion
  • Construction timeline: December 2018 to 2023
  • Passenger capacity: Over 700,000 daily (or 27,000 every hour in each direction)
  • Operational trains: 12 air-conditioned trains in the first year of operation, with intervals of 3 to 6 minutes (Future target: 18 trains with intervals of 2 to 4 minutes)
  • Operating hours: 18 hours daily
  • > source

This project will benefit some 500,000 residents and five million workers who commute to and from Makati every day.

Makati Subway stations will be located near various landmarks around the city:

  • Ayala-EDSA
  • Ayala Avenue
  • SM Makati
  • Ayala Triangle Gardens
  • Legaspi Village
  • Makati Central Fire Station
  • Manila South Cemetery
  • Makati City Hall
  • J.P. Rizal Ave.
  • Poblacion Heritage Site
  • Rockwell Center
  • Guadalupe Viejo
  • Pasig River
  • St. Luke’s Medical Center
  • Guadalupe Bridge
  • Guadalupe Nuevo
  • Lawton Ave.
  • University of Makati
  • Ospital ng Makati

Also, the intracity subway system will be connected with other mass transport systems in Metro Manila, including the MRT-3, Pasig River Ferry System, and the soon-to-be-constructed Metro Manila Mega Subway.

You can probably make some money, if you know the EXACT locations of future stations. This should be good for Rockwell and Burgos, as well as "upper BGC" since these areas are not now well connected

> Wiki : https://en.wikipedia.org/wiki/Makati_Intra-City_Subway

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Another map : "11 kilometers with eight to 10 stations"


More detail on Planned Capacity, etc:  27,000 passengers per hour > 40,500 passengers (2024)

Once completed, the subway system will be able to serve up to 27,000 passengers per hour per direction. The system also promises an interval of three to six minutes between trains on the first year, with 12 operational trains.

The subway system will have two tracks, up to 10 underground stations, and air-conditioned coaches that can accommodate 200 people per car. The entire system will span 10 kilometers with a train yard, maintenance depot and central command center at the ground level.

The stations will have at least 30 station entrances linked to destinations across Makati, which will spur the growth of small and medium businesses. It will also be linked to ferry transport, interchanges to the existing MRT 3 line, as well as potential links to the future Japan International Cooperation Agency-funded Metro Manila subway, and to future parking structures and transport feeders outside the existing business districts.

By 2024, Makati City is eying to have 18 trains with a two to four-minute interval. The city is also prepared to accommodate as many as 40,500 passengers per hour during peak hours. The train system will run on an 18-hour operational cycle.

> source- Dec.12, 2018 : http://manilastandard.net/news/top-stories/282866/makati-subway-a-legacy-project-binay.html

China Railway unit tapped to build $3.7B Makati city subway

Targeted to open by 2025, will connect Ayala Ave, Makati to BGC (Ospital ng Makati)

700,000 passengers per day is estimated

Philippine Infradev Holdings Inc. has tapped a unit of state-owned China Railway Construction Corp. (CRCC), one of the world’s largest construction and engineering companies, to build its $3.7-billion Makati subway system project.

In a disclosure to the Philippine Stock Exchange yesterday, Phil.Infradev said CRCC’s wholly owned China Civil Engineering Construction Corp. (CCECC) had proposed to invest $300 million to $350 million in the local company or its subsidiary and undertake the engineering, procurement and construction works for the Makati subway project.

Led by businessman Antonio Tiu, Phil.Infradev aims to construct an intracity subway spanning 11 kilometers with eight to 10 stations that will connect key points in Makati’s two districts at no cost to the city government.

Under the MoA, CCECC has to provide completion performance guarantee for the Makati subway project, subject to the completion of a financial, legal and technical due diligence.

> https://business.inquirer.net/264090/china-firm-tapped-to-build-3-7-b-makati-subway-system


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COMMENTS - under the Aug, 2018 INQUIRER article:

"Construction of Makati City subway..."

As the funding gets committed, & the stock price holds up, it seems more real.

Five months ago, when this article came out in August in the INQUIRER, there were tons of skeptics

700k passengers a day ? That`s more than LRT 1 and MRT 1 combined. AbeGeil must be dreaming .

In case of accidents due to failure in engineering who will be hanged ? Who will be responsible? Si Mayor Binay lang ba ? Other residents of MM and the provinces working in Makati will be affected in case foundations of existing buildings give way due to massive diggings . .

A technical review team from top caliber engineers from DPWH and the private sector SHOULD review the whole engineering design of this project ! Dapat makialam na ang national government sa project na ito. . Pati funding na gagastusin sa project na ito ay dapat pag aralan para masiguradong WALANG CORRUPTION !! Baka hindi pa natatapos yang project na yan, ay naka demanda na sa Ombudsman yang mga involved na local officials dyan sa Makati. The present local government officials of Makati are NOT known for practicing honest governance.

Sounds like a vanity project. The bigger problem is how to get people in and out of Makati. Not move Makati people around Makati. They're expecting 700k people to move around Makati during the day? How many people want to go to Ospital ng Makati everyday? If you're talking quantity, its the daily exodus in and out of Makati from everywhere else that they need to solve.

(I disagree! there is an urgent need to shift people more efficiently between Makati's CBD & BGC.)


Map : Ospital nf Makati area - walking distance from Market Market, but maybe not close enough & there is a geologic fault nearby

As mentioned in their website, the Makati subway system will be the first infrastructure project of IRC Properties Inc.

How come a relatively unknown company and inexperienced one at that will be entrusted by Mayor Binay of developing a subway project in the busiest city in the Philippines?!

I am all for a MM subway since I’m just sick of the traffic here, but this sounds ridiculous. It would probably be better and cheaper to run electric buses between BGC and Makati. Why would you limit a subway only to the boundaries of Makati? Why not include Taguig and the MoA area. It presumes that the Makati residents don’t leave Makati and just travel in circles. Only Abby with her earthworm destroyed mind can think up such a scheme.

700k daily for a subway isolated in Makati? You'll be lucky to hit 70k daily with that route. Why? Because the folks that need mass transportation are the workers that come from other cities outside of Makati -- the 7 million people who troop to Makati during workday are the ones who need it and this design is not going to help them.

The answer is that one of its officer Antonio Tiu is close to the Binays. Tiu appeared in Senate hearing claiming to own the Hacienda Binay.

Well IRC is a Tony Tiu company, the same aaaahole who claimed to be the owner of Hacienda Binay. This is probably a pump and dump scheme for the publicly traded company. Fake news to create buzz for the stock.

a subway system with no planning at all, probably another milking cow


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