INFRASTRUCTURE and engineering giant Megawide Construction Corp. is undertaking its first project for the Gaisano Group — a mixed-use building in Cebu City.
In a statement, Megawide said it signed a P2.5-billion contract with Gaisano-led Midland Development Corporation last month to develop Taft East Gate Phase 1.
Megawide is constructing the 43-storey building, located on a 82,816 square-meter property along Cardinal Rosales Ave. corner Pope John Paul II Ave. in Cebu City. Taft East Gate Phase 1 will have two office levels, 31 residential floors, and retail areas.
“This is our first project with the Gaisano Group. We are committed to delivering the highest quality of work Megawide is known for in this project, and we look forward to a successful partnership with them,” Megawide Executive Vice-President and Construction Group Head Ronald Paulo was quoted as saying in a statement.
Jack Gaisano, Midland Development chairman and president, said the company develops premium housing communities for Cebu residents, with its “microtownship” and “Comfort by Design” concepts.
Megawide has a significant presence in Cebu City, having built the Philam Life Cebu Tower, One Manchester Place, and Tower One Plaza Magellan.
Megawide and its partner Bangalore-based GMR Infrastructure Ltd. operate the Mactan-Cebu International Airport (MCIA). With the opening of the MCIA Terminal 2 in June this year and the launch of new flights from and to Cebu, GMR Megawide Cebu Airport Corp. projects passenger traffic to rise 12% to 11.5 million passengers this year.
Shares in Megawide were unchanged at P20.35 each on Wednesday.