Diversified engineering and construction firm Megawide Construction Corp. bagged two new contracts worth P3.3 billion from property developer DoubleDragon Properties Corp.
Megawide said in a disclosure to the stock exchange it and DoubleDragon signed a contract to build DoubleDragon Tower and Ascott DD-Meridian Park in Manila.
“We’ve been working with DoubleDragon for the DoubleDragon Plaza at DD-Meridian Park since the very beginning. To be trusted once again to work on these new projects is proof of our successful working relationship these past years,” Megawide chairman and chief executive Edgar Saavedra said.
DoubleDragon Tower and Ascott make up the third and final phase of the eight-tower DoubleDragon Plaza at DD-Meridian Park, a 4.75-hectare mixed-use development located at the Bay Area in Pasay City.
The DoubleDragon Tower will be an 11-story office building that will occupy a 61,869-square-meter lot, while luxury serviced apartment Ascott is also a 11-story structure that will cover 49,542 sq. m.
Megawide alao defveloped the first two phases of the development. These include the four-tower DoubleDragon Plaza completed this year, and the DoubleDragon Center-East and DoubleDragon Center-West buildings seen to be completed by the last quarter of 2018.
Saavedra said the two new projects would open new opportunities to maximize Megawide’s engineering and construction expertise.
“Our team of professionals continues to study new methods and technologies to be able to deliver excellent results. We will make sure that Ascott and DoubleDragon Tower will come out as how our loyal client envisions them,” Saavedra said.
DoubleDragon through unit DD-Meridian Park Development Corp. signed the deal with Ascott in June 2017 to develop a 300-room five-star serviced residence at the Meridian Park.
Ascott, a Singapore-based company and one of the leading international serviced residence owner-operators, owns the brands Ascott The Residence, Citadines Apart’Hotel and Somerset Serviced Residence.
