Megawide Construction Corp. struck a major property deal in Cavite in partnership with PHirst Park Homes, a venture between Century Properties Group Inc. Japanese conglomerate Mitsubishi Corp.
Megawide, a leader in the precast construction segment, announced the signing of a contract to supply and build over 1,660 housing units in General Trias.
“Our continued presence in this segment is part of our commitment to help address the perennial housing problem in the country,” Edgar Saavedra, Megawide chair and chief executive officer, said in a statement. “Apart from seeing strong long term prospects in this segment, it also gives us an opportunity to improve the quality of affordable horizontal housing through our value engineering capabilities and innovative techniques,” he added. The deal expands Megawide’s construction portfolio and widens its presence in the horizontal housing segment. It also announced plans to build an onsite precast molding and concrete batching plant to manufacture housing components for the project.
Markus Hennig, Megawide executive vice president for business units, said their precast technology speeds up the construction process versus conventional methods.
“We are also encouraging more developers, whether on the affordable or upscale side, to adopt this technology as the standard. With faster turnaround times and excellent engineering value, we can help address the immense housing backlog faster and ensure quality construction for Filipino homes,” he said.
The General Trias project is the company’s eighth project with PHirst Park. In total, it is building close to 13,000 units in project sites across Luzon, the statement showed.
Based on data from the Housing and Urban Development Coordinating Council, the country’s estimated total housing backlog is 5.7 million for the 2011-2016 period.
The shortfall will require the construction of 2,600 homes per day over the next six years, Megawide said. INQ