Manny Villar’s Prime Asset Ventures Inc. (PAVI) has completed the acquisition of the P3.8-billion Muntinlupa-Cavite Expressway, the 4km toll road linking Daang Hari and Daang Reyna to the South Luzon Expressway (SLEX), from Ayala Corporation.
Ayala Corporation disclosed the initial agreement to transfer ownership of MCX to the Villar Group in 2022. The Department of Public Works and Highways (DPWH) approved the sale of the toll road on July 19 this year, and the implementing agreement was signed on August 9.
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“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmariñas, and Bacoor in Cavite, which were experiencing rapid growth,” said Cezar Consing, president and CEO of Ayala Corporation. “MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite. The sale of MCX represents another example of our recycling capital to benefit from opportunities in our core and emerging businesses.”
“This momentous event shows our resolve to provide our countrymen better services in the area of roads and toll ways,” Villar said.
Villar’s acquisition of MCX comes one day after the opening of Villar Avenue, a 6.2km road that will serve as the main artery of Villar City. The 10-lane thoroughfare starts at the junction of The Crossing Cafe and Dear Joe on Daang Hari Road, and will end near the university district in Dasmariñas, Cavite. It will connect the 15 satellite cities of Villar’s latest venture, the 3,500-hectare Villar City, and will feature dedicated bike lanes as well as a bus rapid transit (BRT) system.
“You’ll be surprised by the many wonderful things to come in Villar City,” said Villar.
