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MANILA, Philippines – The country’s richest man, Henry Sy, forms a deal with Tieng family to proceed with Cavite’s Sangley Point coast development of $50 billion airport and seaport.
The new airport would have a 50-million passenger capacity. By 2050, the airport is forecasted to accommodate passenger traffic. The area near the naval station of the US Navy, Sangley Point, will be part of 2,500-hectare reclamation. The startup rehabilitation is part of the stage-based development of the airport and seaport.
Tieng stated that the reclamation will be followed by government’s priority, which is the airport’s development. By 2022, the project is aimed to be operational.
In 2012, ARCC already started the project with businesspersons who are envisioning an airport facility that matches the world’s highest standards. The project represents an economic zone, seaport, and airport in one.
Sy’s SM Group’s high-end property developer, Belle Corp., has purchased a significant stake in All-Asia Resources & Reclamation Corp. (ARRC) of Tieng Family. The shareholders agreement was signed on Saturday at Makati Shangri-La Hotel.
ARRC is Philippine Global Gateway Project’s proponent. The project was pushed forward following President Duterte’s trip to China. During the President’s state visit, China Communications Construction Company signed a deal to allocate $20 billion for the project.
ARRC President, Wilson Tieng, informed that during the President’s fifth Cabinet Meeting in August, he approved the large project for infrastructure verbally. A mixture of unsolicited and solicited big-ticket project proposals is welcomed by the administration. Through this, they plan to make the following years as the country’s golden age of infrastructure.
Previously, San Miguel Corp. President and COO Ramon Ang, who possibly dealt with business tycoon Manual V. Pangilinan, proposed another international airport project valued at $10 billion. The unsolicited proposal of Sy and Tieng competes with the said tender. According to Tieng, this will not be an issue since other areas also have several airports.
Tieng added that they support government’s goal of improving the country’s infrastructure for Filipinos’ common good.
Belle Vice-Chairman and Executive Director, Willy Ocier, expressed positivity on Sy-Tieng big-ticket project. Ocier stated that the project is timely to address air and land traffic congestion. Moreover, he expressed gladness for being invited to participate in the project.
In the coming days, disclosures on the stake of Belle in the company will be done.