It’s on: Philippine billionaires battle for Manila airport development
It’s on: Philippine billionaires battle for Manila airport development
THIS IS WAR (kind of)
It has been called by turns a “beauty contest” and a “fashion show.”
Competing proposals to develop a new international airport for Manila are brewing between two of the Philippines’ highest-net-worth individuals.
Henry Sy’s Belle Corp will be an equal partner with the USD50-billion joint venture, known as All-Asia Resources & Reclamation Corp, in developing an airport and economic zone at Sangley Point, a former US naval station south of Manila. Belle Corp, part of SM Group, will be joining China Communications Construction Co’s dredging unit in the project, which will entail reclamation of a 2,500-hectare plot.
Upon hearing of Sy’s proposal, Ang described, in a text message, that the competition will be akin to a “beauty contest,” Bloomberg reported.
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Apparently, the venture will rival a proposal by Ramon Ang’s San Miguel Corp, submitted as early as 2014, to develop the newest airport on reclaimed land by the Manila Bay.
All-Asia has resubmitted its plans to the National Economic and Development Authority. President Rodrigo Duterte has reportedly verbally approved the venture.
“We will have a fashion show on who can present the best plan,” Astro del Castillo, managing director at financial and investment advisory firm First Grade Holdings Inc, told Bloomberg. “The reputation of an investor is important, particularly in big-ticket projects. The interest in this bidding could draw attention to other government infrastructure projects.”
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Source: Property Report