Megawide Construction Corp. has secured a key legal and commercial milestone for its P1.186-billion Baguio City Integrated Terminal (BCIT) project after signing a lease agreement with the City Government of Baguio in January.

In a disclosure on Thursday, Megawide said it entered into the lease agreement on 21 January following receipt of the Notice of Award dated 17 October, which confirmed that the company had been selected as the private-sector proponent for the project.

“The Lease Agreement covers the development, construction, implementation, and operation of an integrated transport terminal, as well as mixed commercial development within the leased premises,” Megawide said in its disclosure.

The agreement formalizes the company’s control over the project site and allows it to begin detailed development and construction planning for the transport terminal, which is expected to streamline public transport operations in Baguio City while unlocking commercial opportunities within the complex.

The BCIT is initially designed to serve seven southbound routes including La Union, Pangasinan, Tarlac, Pampanga, Bulacan, Metro Manila, and Cavite via SLITX. 

It is expected to handle up to 25,000 passengers daily, covering both long-haul and daily commuters.

In September last year, its subsidiary Megawide One Mobility Corp. signed a 30-year Joint Venture Agreement with the Carmona City Government in Cavite for the South Luzon Integrated Terminal Exchange (SLITX), a P800-million project with an initial capacity of 30,000 passengers per day.

SLITX, on the other hand. will serve destinations from Baguio in the north – through BCIT – to the Visayas and Mindanao in the south.

It will also be linked to Metro Manila through direct access to the South Luzon Expressway and connectivity to the Paranaque Integrated Terminal Exchange.

Megawide targets net income of over P1 billion by the end of the year.