The Public Works Department said it is reviewing the terms for the auction of the Laguna Lakeshore Expressway Dike Project this year.
“We have to redo the assumptions because there were no takers. It’s not feasible as it was structured,” Public Works Secretary Mark Villar said.
“We want to use Laguna Lake as a possible alignment for a major infrastructure project,” he said.
The Public Works Department on March 28 declared a failed bidding for LLEDP after qualified bidders did not submit offers, citing the project’s risk profile and complexity, especially the flood control component and its connectivity to C5.
The three pre-qualified bidders”•San Miguel Holdings Corp., Alloy Pavi Harshen LLEDP Consortium and Team Trident”•did not submit any bid for the P122.8-billion LLED project.
Team Trident is composed of Trident Infrastructure and Development Corp., Ayala Land Inc., Megaworld Corp., Aboitiz Equity Ventures Inc. and SM Prime Holdings Inc.
The Alloy-Pavi Hanshin LLEDP Consortium consists of Malaysia’s Alloy MTD Capital Berhad, Prime Asset Ventures Inc. and Hanshin Engineering Construction.
The three prospective bidders said the failed bidding was due to the lack of commercial viability of the project, which involves the construction of a flood control dike, a 47-kilometer, six-lane expressway on top of it and the reclamation of over 700 hectares of land for commercial development.
It will be financed mainly by private capital with no government subsidy, except for right-of-way costs.
The LLED project is the largest public-private partnership venture so far, involving the construction of a flood control dike, an expressway on top of it, and the reclamation of over 700 hectares of land for commercial development.
The LLED concession will last 37 years, including seven years for design and construction and 30 years for operation and maintenance.