SY family-owned SM Prime Holdings Inc. has offered to finance the construction of an additional station worth hundred millions of pesos for the Light Rail Transit Line 1 North Extension project, an official of the Light Rail Transit Authority (LRTA) told The Manila Times.

In a telephone interview, Federico J. Canar, LRTA project manager, said SM offered to fund the additional station to be built at an estimated cost of P100 million between the proposed Roosevelt and North Avenue stations adjacent to its property.

“The work on this additional station would be totally independent of our construction work. LRTA and Shoe Mart are going to enter into a MOA [memorandum of agreement] for this additional construction work,�? Canar said.

The LRTA and the consultant of the project, Metrolink JV, had met with the owners of Shoe Mart Department Stores last month.

Estimated to cost around P5.98 billion, the project involves the construction, including the detailed design of a 5.71-kilometer elevated line from Monumento station of LRT Line 1 to North Avenue of Metro Rail Transit 3, two new intermediate stations (Balin-tawak and Roosevelt) and a terminal station (Line 1, North Avenue station).

The Balintawak station will provide modal interchange with bus and jeepney services entering Metro Manila from north via the North Luzon Expressway. Of the total P5.98 billion, civil and architectural works amounted to P3.3 billion; electromechanical works, P1.9 billion; consultancy services, P317.4 million; and contingency, P318 million.

Canar said the LRTA may tap the proceeds of the National Development Co. (NDC) bond issuance to finance a mass rail system or subsidize the agency’s budget for the product.

The project will begin construction in 2008, with target completion in April 2010. Once running, the LRT North extension is expected to serve about 800,000 to 1 million passengers.