PRESS RELEASE: Aboitiz, Ayala Land, Megaworld, SM Prime form consortium for P123.8-B Lakeshore project bid
MANILA, Philippines, Friday, February 27, 2014 – Four of the biggest companies in the Philippines have formed a consortium to bid for the P123.8-billion Laguna Lakeshore Expressway and Dike Project (LLEDP).
Holding firm Aboitiz Equity Ventures, Inc. (AEV), real estate giants Ayala Land Inc. (ALI), Megaworld Corporation (MEG) and SM Prime Holdings, Inc. (SMPH) agreed to form Trident Infrastructure and Development Corporation (TIDC), and acting together, have formed a consortium in order to pre-qualify for the LLEDP and evaluate the feasibility of the project with the view of submitting a competitive bid proposal for what is considered to be the biggest public private partnership (PPP) project of the Aquino administration.
The project includes the construction of a 47-kilometer expressway and a 45-kilometer flood control dike, and the reclamation of around 700 hectares of land in the western part of Laguna Lake.
Dubbed as “Team Trident”, the consortium’s four members will each have an effective equal share of 25 percent. It combines the infrastructure expertise of the Aboitiz and Ayala groups as well as the reclamation and land development experience of Aboitiz, Ayala Land, Megaworld and SM.
The consortium also benefits from the combined financial muscle and the national and international network of experts that the four companies have, which will be able to benefit millions of Filipinos and thousands of businesses along the western shore of Laguna de Bay.
Trident brings together the expertise, experience, financial strength, and network that is needed to successfully execute a project the size and scale of LLEDP.