Firm gets P118 million contract for third bridge

CEBU, Philippines — Listed tugboat operator Harbor Star Shipping Services has been awarded a P118-million contract by the Cebu Link Joint Venture (CLJV) for the Cebu-Cordova Link Expressway (CCLEx) construction.

In a disclosure to the Philippine Stock Exchange yesterday, the marine service provider said it had received a notice on Friday that it will provide two specialized barges for the toll bridge construction.

"The barges will be used for the construction of the Cebu-Cordova Link Expressway," the company said.

The company's shares closed at P4.03 apiece, up 10.41 percent, as trading recessed noon yesterday.

CLJV is a joint venture of Spain-based Acciona Construccion S.A. and Philippine-based First Balfour Inc. and D.M. Consunji Inc. The joint venture is the main contractor for the 8.5-kilometer bridge that will connect Cebu City to the Municipality of Cordova on Mactan Island.

First Balfour is the construction subsidiary of listed First Philippine Holdings Corp.

Allan Alfon, president and general manager of Cebu-Cordova Link Expressway Corp. (CCLEC), said construction of the Cebu-Cordova toll bridge is underway and the right-of-way (ROW) acquisition is almost complete at 91 percent.

"We committed to start actual construction come July 4," Alfon said earlier.

He said the company is still on the design stage for the project.

Funding for the construction of the CCLEx had already been secured through a combination of equity and debt.

Metro Pacific Investments Corp, CCLEC's parent firm, noted CCLEx's project cost is P26.3 billion.

MPIC's tollways arm, Metro Pacific Tollways Corp (MPTC), will spend approximately P122.8 billion in the next five years on building highways and tollroads around the Philippines, including the Cebu-Cordova toll bridge.

CLJV is currently finishing the detailed engineering design for the project, which is expected to be completed by May or June.

It has been issued the Notice of Award for the "Design and Build" contract of the 8.5-kilometer CCLEx.

CCLEx is the first of MPTC's envisioned toll road expansion projects in Visayas and Mindanao.

CCLEC will build, operate, and maintain the toll bridge through a joint venture agreement with the local governments of Cebu City and the Municipality of Cordova.

CCLEx will have two lanes in each direction and will feature the main navigation span bridge, along with viaduct approach bridges, a causeway, roadway and toll facilities.

The span of the bridge allows for shipping traffic and the link is expected to serve at least 40,000 vehicles daily.

The 8.5-kilometer toll bridge will connect Cebu City to Mactan Island via Cordova. It is envisioned to decongest traffic in the two existing bridges, Marcelo Fernan Bridge and Mandaue-Mactan Bridge.

The toll bridge will be positioned about 7.5 kilometers south of the Mandaue-Mactan Bridge and will take off from the Cebu South Coastal Road crossing the Mactan channel to Mactan Island.— JMO  (FREEMAN)