IRC Properties said they will proceed with a $3.7 billion Makati Intra-City Subway project after getting a notice of award from the Private Public Partnership Selection Committee of the Makati City government.

In a disclosure to the Philippine Stock Exchange on Tuesday, IRC Properties said it "confirms that it has received today from PPP Selection Committee of Makati City Government a Notice of Award for the construction and operation of the Makati Subway System to be implemented through a joint venture agreement."

"The Project has been awarded to the original proponent IRC Properties, Inc. as the lead proponent of a consortium. The company shall, in due course, inform the public through a disclosure the schedule of commencement of operations, including ground breaking activities," the disclosure added.

Last week, Antonio Tiu, chairman of IRC Properties, said November or December should be the right time to do a ceremonial ground breaking, news reports said.

The project, which was an unsolicited proposal given to the City of Makati last May, could connect areas like the Central Business District along Ayala Avenue, the city hall, Poblacion Heritage Site, University of Makati, Ospital ng Makati.

The subway system would see up to 10 air-conditioned, underground island stations that could take up to six car trains, which can carry at least 200 passengers, said Tiu in a news report. DMS