Virata-Yuchengco-Tan group bags Sangley project
A CONSORTIUM backed by Philippine, European and South Korean companies bagged the $11-billion contract to develop the Sangley Point International Airport (SPIA), the Cavite provincial government announced on Thursday.
“This new airport is the future of the country. This airport is the hope of the country. The province is just a small player. But if we work together, we can do this for our people,” Cavite Governor Juanito Victor “Jonvic” C. Remulla said in a press release.
The provincial government said that the awarding of the project came after the unsolicited proposal of SPIA Development Consortium submitted in November last year.
The Philippine companies leading the consortium are Cavitex Holdings, Inc. (CHI), the Yuchengcos’ publicly listed House of Investments, Inc., and Lucio C. Tan-led MacroAsia Corp., a provider of aviation-related support services.
Samsung C&T Corp., the construction unit of South Korean tech giant Samsung, will also lead the project, together with Munich Airport International GmbH, and Ove Arup & Partners Hong Kong Ltd.
“We express our full commitment and support to modernizing the country’s aviation network in partnership with [the Department of Transportation, Civil Aviation Authority of the Philippines, and Manila International Airport Authority]. We aim to meet the requirements of airlines to make the airport an international hub that will satisfy the needs of the future,” said Leonides Virata, chief executive officer of CHI.
Based on the project’s framework, the consortium and the Cavite provincial government will have one year and six months after the signing of the joint venture and development agreement to finalize the airport’s design and business plan.
The signing of the joint venture is expected in October, which will mark the construction of the airport. The first phase, which includes the first of four runways, is expected to be operational by 2028. Meanwhile, the second phase will result in a two-runway system with airport facilities capable of handling at least 75 million passengers yearly.
The National Government currently operates Cavite City’s Sangley Point as a supplemental runway to the Ninoy Aquino International Airport.
On Thursday, shares in MacroAsia jumped by 3.32% or P0.17 to close at P5.29 each. — Ashley Erika O. Jose
