THE Philippines’ largest mall developer and owner has backed out of a plan to finance the construction of an additional station for the Light Rail Transit Line 1 (LRT 1) North Extension project, a high-ranking official of the Department of Transportation and Communications told The Manila Times.
Last year, SM Prime Holdings Inc. and the Light Rail Transit Authority (LRTA) were finalizing an agreement to fund the construction of an additional station to be located in front of SM North Annex building, between the Roosevelt and North Avenue stations of the extension project.
The transport official, who asked not to be named, said the government and the investors of the Metro Rail Transit Line 7 (MRT 7) would now fund the common station for the LRT 1 North Extension, MRT Lines 3 and 7.
The MRT-7 consortium is led by the group of Salvador Zamora 2nd, president of Hinatuan Mining Corp. and the La Costa Development Co., which owns 52 percent of ULC. Other investors in the project are SM Investments Corp., which owns 20 percent of the consortium, the Velasco group, 20 percent and Levin group, 10 percent.
The same source said the common station would cost P777 million and would be constructed near the SM North Annex in Quezon City.
Mel Robles, LRTA administrator, confirmed that SM Prime would no longer finance the additional station for the extension project.
He said the transport department decided to have a “Grand Central Terminal” for MRT 3 and 7 and the LRT 1 North Extension project.
“We’re still in the proposal stage. The proposed common station is to solve the problem of MRT Line 7,” Robles said, adding that MRT-7 has no station on North Avenue.
Projected to cost .235 billion, the proposed 20-kilometer MRT-7 will run from San Jose del Monte, Bulacan, to SM North station in North Avenue to link the line to LRT 1 and MRT 3.
The line will begin its route from Tala, Caloocan City, passing through La Mesa dam reservoir, Fairview, Batasan, Diliman,Philcoa, and ending at EDSA-North Avenue.
Robles said the proposed station needs an approval from the National Economic and Development Authority.
The LRT 1 North Extension is estimated to cost around P6.32 billion and would involve the construction, including the detailed design of a 5.71-kilometer elevated line from Monumento station of LRT Line 1 to the North Avenue station of MRT 3, two new intermediate stations (Balintawak 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 the north via the North Luzon Expressway.
Of the total P6.32 billion, civil and architectural work would cost P3.3 billion; electromechanical works, P1.9 billion; consultancy services, P317.4 million; contingency, P318 million; and inflation adjustment, P342.35 million.
Once running, the LRT 1 North Extension is expected to serve about 800,000 to 1 million passengers.