Megawide gets P3.3-B Meridian Park deal

Construction, engineering and infrastructure group Megawide Construction Corp. bagged a new P3.3-billion contract with property developer Double Dragon Properties Corp. to build a new office tower and a luxury hotel at Meridian Park along the Manila Bay area.

Megawide and Double Dragon, through the latter’s subsidiary, DD-Meridian Park Development Corp., recently signed a contract for the construction of Double Dragon Tower and Ascott DD-Meridian Park.

“We’ve been working with Double Dragon for the Double Dragon Plaza at DD-Meridian Park since the very beginning. To be trusted once again to work on these new projects is proof of our successful working relationship these past years,” Megawide chair and chief executive officer Edgar Saavedra said in a statement yesterday.

Double Dragon Tower and Ascott make up the third and final phase of the eight-tower Double Dragon Plaza at DD-Meridian Park, a 4.75-hectare mixed-use development at the Bay Area in Pasay City.

The 11-floor Double Dragon Tower, which will be another office building within the development, will cover 61,859 square meters (sqm) of land, while the 11-floor luxury serviced apartment Ascott will span 49,542 sqm. The total contract cost is about P3.3 billion.

Megawide had also worked on the first two phases of the development. These include the four-tower Double Dragon Plaza completed this year, and the Double Dragon Center-East and Double Dragon Center-West buildings expected to be completed by the last quarter of 2018.

Double Dragon recently relocated its headquarters to this new office development.

DD-Meridian Park Development Corp. signed the deal with Ascott in June 2017 to develop a 300-room five-star serviced residence at the Meridian Park. Ascott, a Singapore-based company known as one of the leading international serviced residence owner-operators, owns the brands Ascott The Residence, Citadines Apart’Hotel and Somerset Serviced Residence.

Saavedra said these new projects would open new opportunities to maximize Megawide’s engineering and construction expertise.

“Our team of professionals continues to study new methods and technologies to be able to deliver excellent results. We will make sure that Ascott and Double Dragon Tower will come out as how our loyal client envisions them,” he said.