Megawide Construction Corp. has announced the commencement of its engineering, procurement, and construction (EPC) unit’s work on Block-2 of the ongoing Carbon Market redevelopment in Cebu.
The contract, valued at around P1.1 billion, includes piling works, structural development, and the integration of architectural, mechanical, electrical, plumbing, and fixtures (MEPF) components, including the supply and installation of precast products. The Block-2 structure, expected to be completed by the first quarter of 2026, will feature Megawide’s precast technology, designed to shorten the construction timeline while adhering to environmentally sustainable building practices.
Edgar Saavedra, chairman and chief executive officer of Megawide, said the Carbon Market redevelopment aims to serve as a model for urban renewal and public market modernization in the Philippines. He emphasized the importance of showcasing Megawide’s vertically-integrated operations, which will ensure speed to market and consistent, high-quality execution of the project.
The redevelopment project is under a 50-year lease agreement with the local government of Cebu, which aims to preserve the site’s cultural heritage while transforming it into a thriving tourist destination. The mixed-use Block-2 development will house sections of the existing public market and offer new attractions such as food and beverage outlets, handicrafts, and other specialty items that highlight the best of Cebu.
Once finished, Block-2 will complement nearby attractions like The Barracks, Cebu’s first hawker center, the Sto. Niño Chapel, and Freedom Park. This development marks a key milestone for Megawide, whose order book has grown to P43.5 billion by the end of 2024, with P16.3 billion in new contracts, including the Block-2 project. The company’s long-term goal is to balance public infrastructure, private commercial, and industrial developments in its portfolio.
