Megawide Construction Corp said on Wednesday its engineering unit has secured a PHP1.1 billion ($19.6 million) contract to build Block-2 of the Carbon Public Market redevelopment in Cebu City, as the company highlights its vertically integrated operations.
The contract covers design and construction works for the multi-level, mixed-use Block-2 structure, including piling, structural, architectural, and mechanical, electrical and plumbing (MEPF) works, Megawide said in a statement. The scope also includes the supply and installation of pre-cast products.
Construction is expected to be completed in the first quarter of 2026.
The project forms part of a 50-year lease agreement with the Cebu City government and is aimed at preserving the area’s cultural heritage while transforming the Carbon Market into a modern urban and tourism hub.
“We envision Carbon Market to be the model for urban renewal and public market modernization in the country,” said Megawide Chairman and CEO Edgar Saavedra. “This project also allows us to showcase synergies within the Megawide group to ensure quality and timely delivery.”
Block-2 will feature sections of the current public market along with food and beverage outlets, local handicrafts, and other retail offerings.
It will complement nearby attractions such as The Barracks hawker center, the Sto. Niño Chapel, Freedom Park, and the upcoming Puso Village.
Megawide said it has integrated pre-cast technology into the project to shorten the construction timeline and ensure consistent quality using ESG-friendly methods.
The company’s order book reached PHP43.5 billion as of end-2024, with PHP16.3 billion in new contracts signed last year, including the Block-2 project.
Megawide is aiming to balance its portfolio across in-house developments, private sector projects, and public infrastructure initiatives.
Property News Philippines
