SAAVEDRA-LED Megawide Construction Corp. (MWIDE) has secured two recent contracts from property developer Megaworld Corp. to construct 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, positioned near the Ninoy Aquino International Airport (NAIA) in Pasay City.
“These may even be amongst the many developments each firms have worked on prior to now,” 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 should apply its pre-cast and integrated construction technologies to the projects, much like those utilized in previous Megaworld developments similar to The Worldwide Plaza, Albany Luxury Suites, Newport Link, International Finance Tower, and Gentry Manor.
The brand new contracts form a part of the P20 billion value of projects Megawide has been negotiating to lift 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 corporate said it continues to pursue a combination of residential, business, industrial, and infrastructure projects to take care of a balanced, sustainable, and diverse order book that supports long-term revenue visibility.
Shares in Megawide rose by 7.49% or 23 centavos to shut at P3.30 apiece on Wednesday. — A.G.C. Magno