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Manila Bulletin devider Business devider Megawide to build Megaworld's P4.36-B condominium project

Megawide to build Megaworld's P4.36-B condominium project

Published Feb 4, 2019 12:00 am
By James A. Loyola Engineering and infrastructure conglomerate Megawide Construction Corporation has been tapped to be the EPC partner of urban township developer Megaworld Corporation for its residential development, the P4.36- billion Gentry Manor. In a statement, Megawide said the new project is located in the 31-hectare Westside City at the Entertainment City. “Megawide is proud to help deliver Megaworld’s first-world vision for Gentry Manor. Megaworld is one of our most valued long-term clients and we are grateful for their continued trust in Megawide,” said Megawide Chairman and CEO Edgar Saavedra. He added that, “as a partner, we are committed to delivering only the highest standards of construction technology and excellence for Gentry Manor.” The project involves the construction of a podium and four 16-level towers, with a total contract price of P4.36 billion. Initial works started in January and completion is targeted for January 2023. Megawide is currently engaged as contractor for other ongoing Megaworld developments, such as the One Manchester Place in Mactan Newtown, Cebu; and the Albany and St. Mortiz properties in McKinley West, Taguig. Megaworld recently increased to P121 billion the planned investments of the Andrew Tan group in the 31-hectare Westside City at the Entertainment City in Parañaque City. The company said it is investing an additional P54 billion over a period of 10 years, more than five times the initial P10 billion that was allocated in 2015, mostly for residential and hotel projects. Sister company Travellers International Hotels Group, Inc., the developer and operator of the Resorts World brand in the Philippines, has already committed to invest US$1.1 billion, or roughly P57 billion, to build the Westside City Resorts World complex. Megaworld Senior Vice President and Treasurer Francis Canuto said Megaworld is set to build two new homegrown hotel brands in Westside City, the 529-room Kingsford Hotel and the 685-room Grand Westside Hotel. Aside from the hotels, Megaworld is also building the 15-tower Bayshore Residential Resorts, and the four-tower Gentry Manor. So far, Westside City has around 4,000 units of residential inventory worth around P50 billion.
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