Manila— Megawide construction corporation chairman Edgar Saavedra recently shared the company’s plans to strengthen its engineering solutions such as precast technology, aimed at horizontal residential developments, particularly in affordable and socialized housing.
Speaking at a press briefing, the CEO of the listed engineering and infrastructure developer, said one of their main objectives is to help ease the housing backlog in the country, estimated at around 4 million in 2018.
“These opportunities will drive the company’s geographic expansion outside Metro Manila, with Megawide’s advantage being its engineering solutions such as precast, which will be key in accelerating supply faster than the growth in demand,” he explained to the Manila Standard.
Bullish about construction
During the briefing, Megawide officials said the company expects a rebound in the construction business this year.
“We are expecting an upturn in 2019, especially in the construction business with the completion of new projects toward the second half of 2019,” said Louie Ferrer, Megawide’s director and head of transport infrastructure. “Megawide secured a healthy pipeline of new projects in the first quarter of 2019, amounting to P6.2 billion to sustain a healthy order book of projects moving forward.”
Megawide reported a net income of P1.9 billion on revenues of P16 billion last year. Construction remained its core business, accounting for 79 percent while airport operations contributed 19 percent and airport merchandising (two percent).
Sky high potential
In an interview with Manila Standard, Saavedra stressed Megawide’s determined push to introduce building solutions that would help address the affordable housing challenge im the Philippines.
“The potential of the Philippine real estate sector is sky high—there are opportunities for growth and development all around us,” he declared.
According to the Housing and Urban Development Coordinating Council (HUDCC), the housing backlog was 1,373,981 units as of 2012, which climbed to 1,749,408 units between 2013 and 2015. The agency warned the backlog could skyrocket to 12.5 million housing units by 2030 if the housing problem is unaddressed.
Megawide claimed that its precast structural system can be used for multiple projects and locations, and provide cost-efficiency for clients due to its transferable production set up. Saavedra noted that the fast installation connection system increases the speed of production
The technology is currently being used at several low cost housing development projects, namely, PHirstPark homes in Tanza, Cavite (2,800 units) and Lipa (1,900 units). PHirstPark homes is a subsidiary of Century Properties.
“We’re custom-building precast units to the exact specifications of our clients in our precast factory Taytay, Rizal,” he revealed. “This will be complementary to our use of architectural components such as façade walls, unit partition walls, and stairs among others.”
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