Megawide Construction Corp. said Wednesday it will start the construction of another portion of the P5.5-billion Carbon Market redevelopment project in Cebu.
Megawide said it would construct Block-2 of the project, which would be a multi-level, mixed-use development housing specific sections of the existing public market.
Once completed, Block-2 will complement the existing attractions in the area like The Barracks (Cebu’s first hawker center), the Sto. Niño Chapel (a devotion to Cebu’s Patron Saint), Freedom Park and the ongoing Puso Village.
“We envision Carbon Market to be the model for urban renewal and public market modernization in the country. In addition, we want to demonstrate our vertically-integrated operations and showcase the synergies within the Megawide group through these types of organic projects, to ensure speed to market, consistent quality, and excellent workmanship our developments are known for,” said Megawide chairman and chief executive Edgar Saavedra.
The P1.1-billion project is expected for completion within the first quarter of 2026.
“We have incorporated our pre-cast technology into the design and engineering aspect of the Block-2 building to be able to shorten the timetable, maintain product quality and consistency, and adhere to ESG-friendly construction methodology. This will also enable us to capture value across multiple fronts – from construction and engineering services to supply of pre-cast materials, and finally when the facility is put up,” said Saavedra.
The Carbon Market Redevelopment is under a 50-year lease agreement with the local government of Cebu, which aims to preserve the cultural heritage of the site while promoting it as a tourist destination.
There will be six blocks in the first phase of development. Blocks 1 and 2 will be the new Carbon Public Market, Block 3 the wholesalers’ market, Block 4 the lifestyle village, Block 5 the boqueria and Block 6 would be the airport in-city check-in facility and the 24/7 Puso market.
Megawide ended 2024 with an order book of P43.5 billion, with P16.3 billion new contracts signed during the year, including the Block-2 structure.