Megawide tops off Cebu project

Megawide Construction Corp. on Monday said it has completed the structural works on the Gaisano Group’s Taft East Gate Project in Cebu City.

Despite restrictions and local health protocols implemented due to the Covid-19 pandemic, the project continues to be on track for completion within the third quarter of this year, the company said.

A topping off ceremony was held last week.

Taft Properties, the property development arm of the company behind the Metro Gaisano chain of stores, awarded the Taft East Gate project to Megawide in 2018.

The mixed-use development is located on the corner of Cardinal Rosales Avenue and Pope John Paul II Avenue in Cebu. It is set to have 43 floors with 3 basements, 10-storey podium and 32 residential units, with a total gross floor area of more than 82,000 square meters.

“We are grateful for the trust that Taft Properties and the Gaisano Group have shown to Megawide. That we achieved this milestone on schedule despite the pandemic is a testament to our strong partnership with Taft Properties, and our commitment to deploying first-world construction technologies for speed and efficiency in our projects,” Frederick Tan, the company’s COO for engineering, procurement and construction, said.

The Taft East Gate project is Megawide’s first project with Taft Properties.

In constructing the project, the company used precast walls, stairs and autoclaved aerated concrete blocks which sped up construction while maintaining quality and efficiency. The system was used to build the core walls, a German automatic climbing technology which enables faster and better project delivery, enabling Megawide to complete about one floor per week. Megawide incurred a net loss of P137.91 million in the first quarter, a reversal of its P174.06-million income last year, as the company had minimal revenues from its airport operations and other travel-related segments due to disruptions caused by the lockdowns.

Revenues fell 22 percent to P3.83 billion for the period from last year’s P4.96 billion. The company said its revenues for the first quarter were flat compared with the previous quarter but it expects to see higher revenues in the succeeding quarters. These will come from its ticket contracts, such as Andrew Tan’s gambling resort Suncity Westside City in Parañaque and its share from the Malolos-Clark Railway Project.

A huge chunk of its revenues came from the construction segment at P3.42 billion, down 10 percent from last year’s P3.04 billion. The company had a net income of P168 million from this segment, some 21 percent higher than last year.

Article and Photo originally posted by Business Mirror last June 1, 2021 and written by VG Cabuag.