AGI to Start Skytrain Project this Year
INFRACORP Development Inc., the infrastructure company of Andrew Tan’s Alliance Global Group Inc. (PSE: AGI), is ready to start the proposed 2-kilometer Skytrain monorail project this year after the Department of Transportation (DOTr) granted it the “Original Proponent Status” (OPS).
INFRACORP President Kevin L. Tan lauds the government’s ‘remarkable’ speed in reviewing the proposal.
“We laud the government’s quick action to the proposal. This is another clear indication of the government’s serious commitment and focus on infrastructure developments,” says Tan.
He further revealed that INFRACORP is ready to start the construction of the monorail project within the year.
“We can start the project before the year ends and this will take us two years to complete it. By early 2021, we can open the Skytrain to the public,” Tan discloses.
INFRACORP submitted the unsolicited proposal to the government last October 26, 2017.
Under the proposed agreement, INFRACORP will build the Skytrain and transfer its ownership title to the government. INFRACORP will have the sole right to operate the Skytrain.
The PhP3-billion Skytrain monorail project will utilize the automated cable-propelled monorail technology, and it will reduce travel time from Fort Bonifacio to MRT Guadalupe Makati and vice versa to only five minutes – at no cost to the government.