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Manila Bulletin devider Business devider The Stock Market devider EEI starts 2026 with ₱1.6 billion in new contracts for Davao towers

EEI starts 2026 with ₱1.6 billion in new contracts for Davao towers

Published Mar 3, 2026 02:15 pm
Construction giant EEI Corp. secured ₱1.6 billion in new contracts in the first two months of 2026, a robust start to the year as it moves toward a more diversified project pipeline and leaner corporate structure.
EEI President and Chief Executive Officer Henry D. Antonio said the new mandates cover major real estate developments in the residential and hospitality sectors, pushing the company closer to its annual order book targets.
“This is a positive development to start 2026. With these residential and hospitality projects, we push our diversified portfolio further to regional markets and expand our capabilities to build sustainable communities throughout the country,” he noted.
Antonio said the contracts reinforce the firm’s presence in high-growth segments beyond its traditional industrial and infrastructure strongholds.
The company was tapped by Torre Lorenzo Development Corp. to lead the construction of two 21-story towers in Tierra Davao.
The first, Crown Residences, is a residential tower designed with 322 units and extensive wellness facilities. The second, Crest Suites, is a mixed-use hospitality project featuring 16 floors of condominium-hotel units and three floors of residential space, totaling 260 units.
Antonio noted that the projects allow the company to expand its regional footprint while supporting the broader real estate industry’s growth.
He added that the influx of work is expected to generate significant employment and assist partners in delivering innovative living spaces.
The contract wins come as EEI undergoes a comprehensive balance-sheet cleanup and structural overhaul.
In January, the company reached an agreement with creditors to address ₱11.42 billion in debt held by its wholly owned subsidiary, First Orient International Ventures Corp. Under the deal, EEI assumed the liabilities in exchange for unissued shares in the unit, effectively bailing out the subsidiary and stabilizing its financial standing.
Parallel to the debt restructuring, EEI is moving forward with a plan to consolidate its non-core assets to unlock shareholder value. The board previously approved the merger of EEI Limited and EEI Realty Corp. under a single entity, EEI Ventures Inc. The consolidation will be executed through a share swap agreement, with EEI Ventures issuing 300 million shares at ₱22.22 each to the parent company in exchange for full ownership of the two units.
This reorganization is designed to create a “pure-play” real estate company, which management suggests could eventually be spun off through an initial public offering. By separating core construction operations from real estate and emerging businesses, EEI aims to improve governance and provide investors with a clearer choice between its high-volume construction business and its higher-margin property ventures.

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EEI Corporation Henry D. Antonio Torre Lorenzo Development Corporation
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