By: Cris Larano
MANILA–Philippine property developer Ayala Land Inc. (ALI.PH) said Tuesday it won a bid to build a bus terminal, a 4 billion pesos ($88 million) project intended to help ease traffic in the Philippine capital.
Ayala Land will be given a 35-year concession to operate the Integrated Transport System-South Terminal in exchange for building the facility, which is expected to handle 4,000 buses and 160,000 passengers coming daily from areas south of metropolitan Manila. Aside from the terminal, the company will also have the right to develop and operate commercial leasing facilities within the 5.57-hectare transport complex.
Construction is scheduled to start in May next year, with completion expected by October 2017.
The project is adjacent to Ayala Land’s sprawling ARCA South project.
Write to Cris Larano at firstname.lastname@example.org; @CrisLaranoWSJ; (62) 917-810-1320