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Megawide bags ‘multiple contracts’ worth P26B for Suntrust project

MEGAWIDE Construction Corp. on Monday said it bagged “multiple” contracts amounting to P26.3 billion from Suntrust Home Developers, Inc. for its Westside City Resorts World project.

“The initial letters of award from Suntrust — totaling P6.3 billion — included initial works such as pile cap, excavation, and lateral support direct contract, worth P2.3 billion, and Site B main contract, including basement substructure, superstructure, and architectural builders works and finishes, amounting to P4 billion,” the listed engineering and construction company said in an e-mailed statement.

The company added that it was awarded a supplemental agreement amounting to P20 billion on Dec. 18 last year.

The agreement covers the management of nominated subcontractors for mechanical, electrical, plumbing, fire protection (MEPF); interior design; and allied services of the Main Hotel Casino, including “additional architectural, structural and civil works.”

The project will be located at the Entertainment City Manila, a gaming and entertainment complex along Manila Bay.

“The project is expected to be completed within 30 months from start date,” Megawide said.

Suntrust is the Philippine unit of Hong Kong-listed Suncity Group Holdings Ltd.

“The requirements of Suncity, in terms of engineering excellence, quality workmanship, and speed to market, perfectly match Megawide’s expertise,” Megawide Chairman and Chief Executive Officer Edgar B. Saavedra said.

“Large-scale investments such as these are critical for our national economic recovery from the crisis caused by COVID-19 (coronavirus disease 2019),” he noted.

The company recently reported total revenues of P9.03 billion for the first nine months of 2020, down by 34% from the previous year’s P13.69 billion.

Its contract revenue went down by 30% to P7.41 billion. Revenue from airport operations decreased by 63% to P998.17 million, while the airport merchandising business also saw its revenue drop by 72% to P69.51 million.

The company’s nine-month revenue from terminal operations grew by 167% to P551.91 million.

Megawide shares closed 0.27% lower at P7.33 apiece on Monday. — Arjay L. Balinbin

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