SAAVEDRA-LED Megawide Construction Corp. (MWIDE) has secured two new contracts from property developer Megaworld Corp. to build residential towers in its township developments in Taguig and Pasay.
The contracts cover civil, structural, architectural, and mechanical, electrical, plumbing, and fire protection works, Megawide said in a disclosure to the stock exchange on Wednesday.
The projects include Uptown Modern, a high-rise residential tower in Uptown Bonifacio in Taguig City, and One Portwood, a condominium development in Newport City, located near the Ninoy Aquino International Airport (NAIA) in Pasay City.
“These will also be among the numerous developments both companies have worked on in the past,” Megawide President and Chief Executive Officer Edgar B. Saavedra said, noting that the partnership with Megaworld “is built on the shared pursuit of sustainability, excellence, and speed-to-market.”
Megawide said it will apply its pre-cast and integrated construction technologies to the projects, similar to those used in previous Megaworld developments such as The Worldwide Plaza, Albany Luxury Suites, Newport Link, International Finance Tower, and Gentry Manor.
The new contracts form part of the P20 billion worth of projects Megawide has been negotiating to raise its order book to P50 billion by yearend.
Other potential clients include Trans Aire Development Holdings Corp., a subsidiary of San Miguel Corp.; DoubleDragon Properties Corp.; 8990 Holdings, Inc.; Landers Superstore; and Citicore Power, Inc.
The company said it continues to pursue a mix of residential, commercial, industrial, and infrastructure projects to maintain a balanced, sustainable, and diverse order book that supports long-term revenue visibility.
Shares in Megawide rose by 7.49% or 23 centavos to close at P3.30 apiece on Wednesday. — A.G.C. Magno
