P1.1-B Cebu market expansion underway — Megawide

Megawide Construction Corp. (Megawide), through its Engineering, Procurement, and Construction (EPC) unit, is eyeing to complete the P1.1-billion Block-2 of the ongoing Carbon Market redevelopment in Cebu by early next year. 

The company said in a stock exchange report on Wednesday that it will leverage its pre-cast technology to accelerate construction, maintain quality, and align with ESG-friendly building practices. 

Megawide Chairman and CEO Edgar Saavedra said the project, a multi-level, mixed-use development, is envisioned “to  be the model for urban renewal and public market modernization in the country.”

“This will also enable us to capture value across multiple fronts — from construction and engineering services to the supply of precast materials, and finally when the facility is operational,” Saavedra added.  

The Block-2 facility, awarded under a design-and-build contract, will house sections of the existing public market, alongside food and beverage hubs, handicraft stores, and specialty retail spaces. It will complement nearby attractions like The Barracks, Cebu’s first hawker center, and the Sto. Niño Chapel, Freedom Park, and Puso Village.  

The carbon market redevelopment is being carried out under a 50-year lease agreement with the local government of Cebu, aiming to preserve the site’s cultural heritage while promoting it as a tourist destination. 

As of end-2024, Megawide’s order book reached P43.5 billion, with P16.3 billion in new contracts, including the Block-2 project. 

Megawide aims for a balanced portfolio, covering organic developments, private commercial and industrial projects, and public infrastructure as the government rolls out large-scale initiatives.