Sangley airport consortium signs JV agreement
THE consortium tasked to build the Sangley Point International Airport on Monday signed the joint venture and development agreement with the Cavite provincial government, one of its members said.
In a regulatory filing, Yuchengco-led House of Investments, Inc. said it signed the agreement along with the Philippine members of the consortium, namely: Cavitex Holdings, Inc. and MacroAsia Corp.
Samsung C&T Corp., Munich Airport International GmbH and Ove Arup & Partners Hong Kong Ltd. are also involved in the project. Samsung C&T is the construction arm of South Korean tech giant Samsung.
The signing is part of the disclosure requirements of the Securities and Exchange Commission for the consortium.
Cavite Governor Juanito Victor C. Remulla previously said that the airport project will begin by the third or fourth quarter of this year.
The Cavite provincial government awarded the project on Sept. 14 to the consortium composed of Philippine, European, and South Korean companies.
By 2028, the consortium expects to run the first phase of the project, which includes the first of the airport’s four runways.
The second phase of the project includes the two-runway system with facilities capable of handling at least 75 million passengers a year. — Justine Irish D. Tabile
