Megawide upbeat on JV project with Udenna
Infrastructure and construction conglomerate Megawide Construction Corp. expects to unlock P3 billion in revenue as a general contractor of the Clark Global City (CGC) development, a 177-hectare master-planned, mixed-use development project of Davao-based businessman Dennis Uy.
CGC is a project of Global Gateway Development Corp. (GGDC), which is part of Uy’s property development arm Udenna Land. The group has broken ground for the project, which is envisioned to be a new metropolis that will decongest Metro Manila.
At present, 47 hectares of the estate have been installed with what GGDC describes as a “world-class” and “disaster-ready” horizontal infrastructure, including 50-year storm water drainage systems, state-of-the-art sewer system, an underground infrastructure network and eight-road lanes with bike lanes and 50 meters of right-of-way priority.
Megawide has committed to construct 12 kilometers of roads and fully develop the balance of infrastructure requirements in the next 22 months. The contract value of P3 billion was based on an estimate given by Megawide chair Edgar Saavedra.
“Bold and audacious projects such as CGC can only be done by partnering with people who not only share the same vision but are also equipped with topnotch execution skills. We are honored to work shoulder to shoulder with Megawide to transform 177 hectares of land into a thriving business center and community,” Udenna Land chair Dennis Uy said in a statement on Wednesday.
“Megawide is proud to be working with Udenna and GGDC as contractor for the site development of Clark Global City. We're excited to be working on such a transformative project not just for Clark but for Central Luzon. We thank Udenna and GGDC for giving us the opportunity to help engineer a first-world Clark and a first-world Philippines together,” Saavedra said.
During the ground-breaking ceremony, GGDC president Wilfredo Placino said that after only a year of operation under the new management, GGDC had subleased over 32 hectares of land to 17 top-tier real estate developers. The group has also fully leased out West Aeropark and hosted over 15 major events, including the “Hot Air Balloon” festival in Clark, he added.—DORIS DUMLAO-ABADILLA
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.