EEI bags P19 billion projects in Q3

MANILA, Philippines — Construction giant EEI Corp. has bagged two new projects, bringing its project pipeline in the third quarter alone to P19.1 billion.

In a stock exchange filing, EEI said that it has been awarded the construction of Cavite-Laguna Expressway (CALAX) subsection 1 in Kawit, Cavite and the Arcovia Hotel in Pasig.

MPCALA Holdings Inc. has awarded the construction of selected sections of CALAX subsection 1, including a P2.7 billion project – covering the construction of the roadway, drainage systems and related structures – to EEI.

The contract for the construction of Arcovia Hotel, meanwhile, was awarded by property giant Megaworld Corp.

The scope of work includes civil, structural and architectural finishing including painting and waterproofing works.

“These new project wins mark a significant turnaround for EEI, reflecting our resilience, competitiveness in the industry and renewed growth momentum,” EEI senior vice president and head of commercial and operations Anna Payawal-Figuera said.

“More than expanding our portfolio, these infrastructure and building projects reaffirm our commitment to nation-building by helping drive economic growth, enabling connectivity and delivering facilities that uplift the lives of our people and our communities,” she said.

As of end-August, EEI’s total backlog or unworked portion of existing contracts stood at P39.24 billion.

Backed by a healthy pipeline of projects, EEI said it looks forward to sustaining its growth trajectory and further contributing to the country’s development and economic growth.

EEI offers a broad range of construction and engineering services, specializing in the construction of infrastructure, buildings and industrial and electromechanical facilities.

The company is also making a big push for its diversification into real estate development, a move that will form part of its long-term growth strategy to evolve from a pure-play construction company into a fully integrated property and infrastructure developer.

EEI is expanding into real estate development by capitalizing on in its 139 hectares of land bank in strategic locations.

The company is preparing its initial pipeline of real estate projects for various properties located in Makati, Quezon City, Bataan, Cavite and Pampanga.