Megawide Construction Corp. said it bagged a construction contract for the P10.1-billion Mandani Bay Quay phase 2, a premiere waterfront development in Mandaue City, Cebu.
Megawide was awarded the contract by HTLand Inc., a joint venture between Hongkong Land and Taft Properties.
Megawide chairman and chief executive Edgar Saavedra said the latest project boosted the company’s order book to P24 billion.
Mandani Bay is also the company’s largest construction project it signed this year. The project has a construction floor area of 328,000 square terms. The development will include construction of three 40-story residential towers and a 30-story office building.
Construction will begin this year with the first residential tower, together with the amenities area, commercial spaces and parking levels, targeted for completion by 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.
“Megawide is proud to be a partner of HTLand Inc. in the construction of the Mandani Bay Quay Phase 2,” Saavedra said.
“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 said.
Megawide earlier said new contracts awarded in the first nine months of the year reached P16.8 billion, or 55 percent more than new contracts secured for the whole 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.
He said Megawide would also expand the scale of its construction 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.