After Losing NAIA Rehabilitation Project, Megawide Bounces Back with P26.3 Billion Suncity Westside Contract
Listed Megawide Construction Corp. has been awarded contracts amounting to P26.3 billion to develop the Westside City Resorts World project of Suntrust Home Developers, Inc. Suntrust is the Philippine unit of Hong Kong listed Suncity Group Holdings Limited (Suncity).
The announcement comes over two months after the company was stripped of its original proponent status to rehabilitate the aging Ninoy Aquino International Airport (NAIA). The Manila International Airport Authority revoked Megawide’s OPS, ostensibly due to insufficient equity. Megawide and its India-based partner GMR Infrastructure submitted an unsolicited proposal worth $3 billion (P156 billion) in March 2018 for the improvement of the country’s decades-old main gateway.
The contract with Suncity involves initial works such as pile cap, excavation, and lateral support direct contract, worth P2.3 billion; and Site B Main Contract, including basement substructure, superstructure, and architectural builders works and finishes, amounting to P4 billion.
In December, Megawide said it was awarded a Supplemental Agreement amounting to P20 billion, for “Management of Nominated Subcontractors for MEPF, interior design, allied services and the like of the Main Hotel Casino, including additional architectural, structural and civil works.”
The project, which is expected to be completed within 30 months from start date, is located in Entertainment City in Parañaque City.
“The requirements of Suncity, in terms of engineering excellence, quality workmanship, and speed to market, perfectly match Megawide’s expertise,” said Edgar Saavedra, Megawide chairman and CEO. “We are thrilled to provide them with our full array of services for this landmark project and, with our experience completing similar projects of the same scope and scale, we are confident of delivering above the client’s expectations.
“Large-scale investments such as these are critical for our national economic recovery from the crisis caused by COVID-19,” he added. “We salute our clients for their faith in the Philippines’s prospects to bounce back from this pandemic and thank them for their continued trust in Megawide.”
Megawide’s most high-profile projects include the new Mactan Cebu International Airport (MCIA), the Parañaque Integrated Terminal Exchange (PITX), and the Clark International Airport Passenger Terminal Building.
The company said it also secured the Aglipay Sewage Treatment Plant industrial contract with Manila Water amid the weakness of private residential developments in the third quarter of 2020.
In January Megawide also announced a joint veture with the local government of Cebu to develop the Cebu Carbon Market.