MEGAWIDE Construction Corp. was recently awarded the engineering, procurement and construction or EPC contract for the P10.1-billion Mandani Bay Quay Phase 2, making the company surpass its target of P24 billion in new contracts this year.
“It is the largest contract for our construction segment that we have booked so far this year,” said Edgar Saavedra, chairman and CEO of Megawide.
Mandani Bay Quay is a premier waterfront development in Mandaue City, Cebu. Its second phase has a construction floor area of 328,000 square meters.
The development will include three 40-story residential towers, one 30-story office building, an amenities floor, two commercial levels and four floors of podium parking.
Construction will commence this year with the first tower, together with the amenities area, commercial spaces and parking levels, targeted for completion by the end of 2021.
The succeeding residential towers are due for delivery within the first half of 2022 and first quarter of 2023, respectively. Set for completion by the fourth quarter of 2022 is the office tower.
“Megawide is proud to be a partner of HTLand Inc. in the construction of the Mandani Bay Quay Phase 2,” the top executive said of their collaborator, a joint venture company of Hongkong Land and Taft Properties.
Saavedra noted that Megawide is solidifying its engineering footprint in Cebu with this large-scale, mixed-use development.
“It is truly a First World project and we are committed to delivering the highest standards of engineering and construction,” he said.
According to him, the firm will also be expanding the scale of its construction operations in the Queen City of the South with the construction of Mandani Bay.
“We are further strengthening our operational efficiency in the region. It will be a good complement to our airport operations and our other ongoing EPC projects in the area,” he stressed. Publicly listed Megawide is one of the most innovative infrastructure and engineering companies in the Philippines.
The engineering and infrastructure conglomerate is the private partner for infrastructure projects, such as the Mactan-Cebu International Airport (MCIA) and the Parañaque Integrated Terminal Exchange (PITX).
For the first nine months of the year, the company posted a net income of P1.720 billion compared with P1.715 billion in the same period last year.
Combined revenues amounted P12.75 billion, with the construction business accounting for 81 percent and the airport business contributing 19 percent.
From January to September 2019, Megawide reported that the awarded new contracts reached to P16.8 billion, 55 percent more than new contracts secured for the full year of 2017.
“Our prospects in the EPC business remain very bullish as we continue to expand our order book levels and ensure revenue visibility for the next two to three years,” Saavedra said.
Image credits: Artist’s perspective