Business

Lucio Tan's MacroAsia, Chinese partner to build Sangley Airport Phase 1

Lucio Tan's MacroAsia, Chinese partner to build Sangley Airport Phase 1

MANILA, Philippines — A consortium composed of Lucio Tan’s MacroAsia Corp. and Chinese state-owned firm China Communications Construction Corp. said Friday they bagged the contract for the Phase 1 of the Sangley Point International Airport project.

In a disclosure to the stock exchange, MacroAsia said the tandem was chosen as a joint venture partner of the Cavite government to implement the project, which has an estimated cost of approximately P208.5 billion.

“It will take 12 to 18 months for the consortium to complete the detailed engineering design leading to financial closing,” MacroAsia said.

The team of MacroAsia and CCCC was the sole bidder to develop the $10-billion Sangley Point International Airport. The 1,500-hectare master-planned international airport hub will feature four runways, airside and landside facilities, and can accommodate up to 130 million passengers annually.

CCCC was previously debarred by the World Bank due to alleged fraudulent practices by one of its subsidiaries, China Road and Bridge Corp., with sanctions extending to the entire group under CCCC and all its affiliate companies worldwide.  

The debarment was lifted in Jan. 2017 and CCCC has since been allowed to participate in all World Bank Group-financed tenders. — with a report from The STAR/Richmond Mercurio