Megawide Showcases Synergies with P1.1 Billion Contract for Carbon Public Market

Megawide Construction Corp.’s Engineering, Procurement, and Construction (EPC) unit will commence with the construction of Block-2 of the ongoing Carbon Market redevelopment. The scope of work under the design and build contract for the Block-2 vertical structure covers piling works, structural development, architectural, and mechanical, electrical, plumbing, and fixtures (MEPF) – including supply and installation of pre-cast products – and is worth approximately P1.1 billion. 

“We envision Carbon Market to be the model for urban renewal and public market modernization in the country. In addition, we want to demonstrate our vertically-integrated operations and showcase the synergies within the Megawide group through these types of organic projects, to ensure speed to market, consistent quality, and excellent workmanship our developments are known for,” said Edgar Saavedra, Chairman and CEO of the Company.

Based on the details, the project is expected to be delivered within the first quarter of 2026. “We have incorporated our pre-cast technology into the design and engineering aspect of the Block-2 building to be able to shorten the timetable, maintain product quality and consistency, and adhere to ESG-friendly construction methodology. This will also enable us to capture value across multiple fronts – from construction and engineering services to supply of pre-cast materials, and finally when the facility is put up,” added Saavedra. 

The Carbon Market Redevelopment is under a 50-year lease agreement with the local government of Cebu, which aims to preserve the cultural heritage of the site while promoting it as a tourist destination. It is also being endorsed as a catalyst for social, environmental, and economic transformation.

Block-2 will be a multi-level, mixed-use development which will house specific sections of the existing public market. Other floors will be filled with exciting offerings – ranging from food and beverage selections, finest handicrafts, and other special finds – that showcases the best of Cebu. Once completed, Block-2 will complement the existing attractions in the area, like The Barracks (Cebu’s first hawker center), the Sto. Niño Chapel (a devotion to Cebu’s Patron Saint), Freedom Park, and the ongoing Puso Village. 

Megawide grew its order book to P43.5 billion as of end-2024, with P16.3 billion new contracts signed during the year, including the Block-2 structure. The long-term, sustainable objective is to have an equal share between organic projects, private commercial and industrial developments, and public infrastructure – as the government rolls out large-scale infrastructure projects under its priority agenda.

since 2011, Megawide is the private partner of the Philippine Government for major public infrastructure projects such as the PPP for School Infrastructure Project Phases 1 and 2; the multi-year developments of Mactan-Cebu International Airport and the Parañaque Integrated Terminal Exchange; and the construction of Clark International Airport. In 2012, the company established Megawide Corporate Foundation, Inc., a non-profit organization focusing on social development projects.