Philippine Infradev Holdings and  Richer Today (RTI) have partnered to finance and acquire lots for the Station 5 of the Makati City Subway PPP Project in Manilva, Philippines.

The companies signed a term sheet agreement to form a joint venture company for the financing, design, construction, development, marketing and sale of some 5.5 hectares of lots. RTI commits to release at least PHP775.88 million (US$15.97 million) within 120 days from the signing of the agreement.

Makati City Subway project involves the construction and operation of a 10-kilometer railway system with 10 stations, crossing the city’s central business districts. Station 5 will be located near Makati City Hall, making it an ideal main construction site for the PPP project, where the tunnel boring machines will be assembled and lowered.