Megawide Construction, an engineering and infrastructure conglomerate based in the Philippines, has won an EPC contract from HTLand for the Mandani Bay Quay Phase 2, a waterfront development in Mandaue City, Cebu, Philippines.
HTLand is a joint venture company of Hongkong Land and Taft Properties.
With a construction floor area of 328,000m², Mandani Bay Quay phase 2 will include three 40-storey residential towers, one 30-storey office building, an amenities floor, two commercial levels, and four floors of podium parking.
Construction will begin in 2018 and the first tower, along with the amenities area, commercial spaces, and parking levels, is targeted for completion by the end 2021.
The other residential towers are expected to be delivered within the first half of 2022 and the first quarter of 2023, respectively. The office tower will be completed by the fourth quarter of 2022.
Megawide chairman and CEO Edgar Saavedra said: “Megawide is proud to be a partner of HTLand, Inc. in the construction of the Mandani Bay Quay Phase 2.
“With this large-scale, mixed-use development, we are solidifying Megawide’s engineering footprint in Cebu.
“It is truly a first-world project and we are committed to delivering the highest standards of engineering and construction.”
Saavedra disclosed that with the signing of the PHP10.1bn ($192m) Mandani Bay project, the company has exceeded its PHP24bn ($458m) target in new contracts in 2018.
He said: “It is the largest contract for our construction segment that we have booked so far this year.”
The company had earlier reported that new contracts in the first nine months of 2018 amounted to PHP16.8bn ($320m), a 55% increase when compared with new contracts secured for the full year of 2017.
Saavedra said: “Our prospects in the EPC business remain very bullish as we continue to expand our order book levels and ensure revenue visibility for the next two to three years.”
The Megawide chairman and CEO said that the company will expand its construction operations in Cebu with the construction of Mandani Bay.
“We are further strengthening our operational efficiency in the region. It will be a good complement to our airport operations and our other ongoing EPC projects in the area.”
Image: Megawide wins contract for $192m Mandani Bay Quay Phase 2 in Philippines. Photo: Courtesy of Guilherme Cunha on Unsplash.