Megawide Construction Corp. was slapped with a P1.3-billion arbitration claim by HT Land Inc. in relation to the construction of the P10-billion second phase of the Mandani Bay Quay development in Mandaue City, Cebu.
In a regulatory filing on Thursday, Nov. 4, Megawide said it received a request for arbitration from HT Land in connection with the all-inclusive construction works agreement with Megawide in 2019. HT Land alleged that Megawide has unsettled obligations amounting to P1.29 billion, excluding interest on other outstanding claims.
The claim was lodged with the Construction Industry Arbitration Commission (CIAC) on Wednesday, Nov. 13.
Megawide said it would respond with counterclaims within the period allowed by CIAC.
HT Land is a joint venture company between Hong Kong Land and Cebu-based developer Taft Properties Inc.
Mandarin Bay Quay is a mixed-use project with a construction floor area of 328,000 square meters. The development will include three 40-story residential towers, one 30-story office building, an amenities floor, two commercial levels, and four floors of podium parking.