Megawide gets P1.24 billion contracts

MANILA, Philippines — Megawide Construction Corp. has secured P1.24 billion worth of new contracts in the first quarter of the year despite the challenging environment brought about by COVID-19.

These projects include residential, commercial and infrastructure developments.

Property-developer Johndorf Ventures Corp. awarded a design, supply, and build contract using precast materials for 350 housing units in its Coral Village Project in Lapu-Lapu City, Cebu.

Another project is from Travellers International Hotel Group, Inc., which tapped Megawide for the construction of a retail strip and theater mall at the Westside City complex in Parañaque City which will complement the ongoing Westside City Resorts World project by Suntrust Home Developers Inc., also to be built by Megawide.

Megawide chairman and CEO Edgar Saavedra said the company’s precast unit is a major contributor to the growth of the business.

“Right now, we are ramping up our precast capacity because we believe in its numerous applicability, especially in the residential and infrastructure space. The long-term goal is to transform this support service into a significant contributor to our business, given its various applications and suitability to the current industry demands,” Saavedra said.

Megawide currently operates its own industrial facility in Taytay, Rizal, housing its two precast factories.

The company is also participating in the horizontal infrastructure space, particularly rail networks.

The Japan International Cooperation Agency (JICA)-funded Metro Manila Subway Project and the Asian Development Bank (ADB)-financed North-South Commuter Railway (NSCR) South Line projects are among those being eyed by Megawide for its infrastructure push.

The company believes the risks associated with these ventures are well covered financially while execution risks are addressed by the expertise and experience of the participating bidders.

“Our current exposure in the Malolos-Clark Railway Project allows us to gain experience in elevated railway systems civil works. If we can secure packages in both the NSCR South Line and the Subway projects, this will provide us building blocks to develop our competencies in at-grade and underground rail developments, respectively,” Saavedra said.