MWM Terminals Inc., a subsidiary of Megawide Construction Corp., is spending P5 billion to build more transport terminals similar to the Parañaque Integrated Terminal Exchange in the next five years.
Megawide said it would develop PITX Lot 2 which would include four levels, with commercial leasing assets occupying the floors above the bus staging area.
“The project is currently undergoing design revision and reconceptualization and is being modified to serve its best use under the new operating environment,” Megawide said. It said developments over the last six months were fluid and encouraging.
Megawide said it had identified several areas as potential landport locations, with advanced discussions already taking place, to scale up its existing transport-oriented development portfolio, including PITX.
“The company expects to make more concrete headway and visibility with other projects in this segment within the next six to 12 months that will require initial funding,” it said.
Megawide also said the development of Lot 2 (1.8 hectares) would further improve terminal operations by providing a staging area for buses. It will also offer additional employment and business opportunities through the construction of office towers and retail establishments inside the facility.
MWM Terminals won the 35-year contract to construct and operate PITX in 2015.
PITX is a 4.5-hectare development and its Lot 1 (2.7 hectares) houses the transport terminal, commercial spaces and office buildings under one roof. With a rated capacity of 100,000 passengers daily, PITX offers seamless connections to and from the southwest portion of Metro Manila, via multiple modes of transportation, from provincial to in-city buses, taxis, jeepneys and UV Express shuttles.
Megawide allocated P994.7 million from the P4.3-billion preferred shares offering for the development of the second PITX.