THE DEVELOPER of Tutuban Center in Manila on Wednesday agreed to lease to the government a portion of its mall, to accommodate the transfer station of the North-South Railway Project (NSRP).
In a statement on Wednesday, Prime Orion Philippines, Inc. said its subsidiary Tutuban Properties, Inc. signed a memorandum of understanding (MoU) with the Transportation department and the Philippine National Railways.
“Under the MoU, the parties agreed to cooperate in the finalization and completion of the plans for the NSRP within a period of six months,” the statement read.
The lease agreement will be effective until 2039.
The NSRP will come in two phases. The first is the North Line, a 37-kilometer elevated commuter railway that will run from Malolos, Bulacan to Tutuban. The second phase is the South Line, a 653-kilometer railway from Tutuban to Legazpi City in Albay province.
The west extension of the Light Rail Transit Line 2 (LRT-2) will also reach the Manila port area and will have one of its major stations in front of the shopping complex.
The LRT-2 station will be interconnected to the NSRP transfer station in Tutuban and initial studies show that this will result in additional daily foot traffic of some 400,000 people for the Tutuban Center area.
Listed Prime Orion has said it will expand the leasable area of Tutuban Center by 40,000 square meters (sq.m). from the current 60,000 sq.m. in the next two or three years.
The North Line is expected to cost P117 billion and is targeted for implementation this year with a 35-year operating period starting 2020. The Japanese government will fund the project through an official development assistance loan.
The South Line, meanwhile, will cost P170 billion and will be implemented under the public-private partnership scheme. -- Daphne J. Magturo “Under the MoU, the parties agreed to cooperate in the finalization and completion of the plans for the NSRP within a period of six months,” the statement read.
The lease agreement will be effective until 2039.
The NSRP will come in two phases. The first is the North Line, a 37-kilometer elevated commuter railway that will run from Malolos, Bulacan to Tutuban. The second phase is the South Line, a 653-kilometer railway from Tutuban to Legazpi City in Albay province.
The west extension of the Light Rail Transit Line 2 (LRT-2) will also reach the Manila port area and will have one of its major stations in front of the shopping complex.
The LRT-2 station will be interconnected to the NSRP transfer station in Tutuban and initial studies show that this will result in additional daily foot traffic of some 400,000 people for the Tutuban Center area.
Listed Prime Orion has said it will expand the leasable area of Tutuban Center by 40,000 square meters (sq.m). from the current 60,000 sq.m. in the next two or three years.
The North Line is expected to cost P117 billion and is targeted for implementation this year with a 35-year operating period starting 2020. The Japanese government will fund the project through an official development assistance loan.
