Megawide gets P10.1 billion Mandani deal

CEBU, Philippines — Infrastructure conglomerate Megawide Construction Corp. has bagged the P10.1-billion contract to build the second phase of Mandani Bay, a waterfront development in Mandaue City.

In a disclosure to the Philippine Stock Exchange, the firm said it was awarded the EPC (engineering, procurement, and construction) contract for the Mandani Bay Quay Phase 2 by HTLand Inc., a joint venture between Hong Kong Land and Gaisano-led Taft Properties that is developing the property at the North Reclamation Area.

“Megawide is proud to be a partner of HTLand Inc. in the construction of the Mandani Bay Quay Phase 2,” said its chief executive, Edgar Saavedra, in a statement.

“With this large-scale, mixed-use development, we are solidifying Megawide’s engineering footprint in Cebu. It is truly a first-world project and we are committed to delivering the highest standards of engineering and construction,” he added.

Saavedra said this is the largest contract for construction segment that Megawide has booked so far this year.

The firm earlier reported that new contracts awarded in the first nine months of the year amounted to P16.8 billion, up 55 percent from the same period in 2017.

Saavedra said the company is looking to expand the scale of its operations in Cebu 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 said.

Megawide is also the Filipino firm in the GMR-Megawide consortium, which currently handles the operations of the Mactan-Cebu International Airport.

In its website, Mandani Bay says the project will see residential towers rise from podium blocks interconnected by footbridges; exclusive parking links buildings at the base; retail spaces border wide boulevards; a tree-lined central avenue that puts nature at the heart of the community; and a 500-meter water frontage.

Specifically, Mandani Bay Quay 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 begin this year with the first tower, together with the amenities area, commercial spaces, and parking levels. The target completion time is by the end 2021.

The succeeding residential towers are targeted for delivery within the first half of 2022 and first quarter of 2023, respectively, while the office tower will be completed by the fourth quarter of 2022.

Shares of Megawide rose to P18.26 apiece during trading recess at noon yesterday. — JMD