The Consunji family’s DMCI Holdings Inc. bagged its first underground train project after winning a P21-billion contract to build train stations for the massive Metro Manila subway project.
With partner Nishimatsu Construction Co. Ltd. of Japan, DMCI’s construction subsidiary, D.M. Consunji Inc., was awarded the contract for the Quezon Avenue and East Avenue underground stations and tunnels. “We are very excited to be part of this historic project. Once completed, the subway will help address urban mobility issues in our nation’s capital,” DMCI president and CEO Jorge Consunji said in a statement on Tuesday.
The Metro Manila subway project will have 17 stations along its 33-kilometer route. At a development cost of P357 billion, the project was among largest under then President Rodrigo Duterte’s “Build, Build, Build” infrastructure program.
Faster commute
It aims to cut travel time from North Avenue in Quezon City to Ninoy Aquino International Airport in Pasay City and Parañaque City to about 35 minutes from over an hour. DMCI said the contract includes the supply, installation, construction, testing, commissioning and training. It would take about five and a half years to complete, it added.
Moreover, the contract was subject to the “concurrence” of the Japan International Cooperation Agency, which is the main project financier, and its compliance with other documentary requirements. These were provided under the April 2012 guidelines for procurement under Japanese official development assistance loans, DMCI said. Its partner, Nishimatsu Construction Co. Ltd., is the leading tunnel contractor in Japan, having worked on more than 1,000 tunnels.
Its portfolio includes Singapore’s National Library Board Building, London’s Channel Tunnel Rail Link and Hong Kong’s Lap Kok Airport. Meanwhile, DMCI said it had signed construction contracts worth nearly P44 billion s of the first half of 2022. These were mainly via joint venture projects and building contracts.
From January to June, DMCI’s net income soared 114 percent to P20.3 billion as the company rode the booming demand for commodities. Earnings reached a record due to the surge in coal, electricity and nickel prices.
D.M. Consunji also contributions surge 467 percent to P516 million due to the completion of projects. INQ
