LISTED Megawide Construction Corp. has bagged three contracts to build more than 4,700 row housing units for a subsidiary of Century Properties Group, Inc.
In a statement over the weekend, the company said it has signed new contracts with PHirst Park Homes, Inc., the affordable housing unit of Century Properties, to construct houses in San Pablo and Calamba, Laguna and Pandi, Bulacan.
The company will use precast technology for the project, which allows it to pre-build parts of the construction before the final put-up.
“Utilizing precast for our partnership with PHirst Park raises the bar on residential development. Megawide Precast delivers higher standardization and stability compared with conventional construction methodology and traditional concrete,” Markus Hennig, executive vice-president for business units at Megawide, said in the statement.
Megawide is using precast technology to adapt to safety protocols demanded by the coronavirus pandemic. By pre-building parts of a construction, it allows projects to proceed with less manpower to maintain physical distancing among workers.
The company had previously been tapped by PHirst Park for its ongoing housing projects in Tanza, Cavite and Lipa, Batangas. Including the new contracts, Megawide’s pipeline of deliverables to PHirst Park has reached more than 9,400 housing units across five locations.
“At PHirst Park, we guarantee quality yet affordable housing to first-time homeowners and families in safe and secured environments. Megawide has been our partner since 2018 and we look forward to more homes engineered with innovation because it adds value to what we both continue to uphold,” PHirst Park President Ricky M. Celis said in the statement.
Revenues from construction contracts contributed the largest chunk to Megawide’s gross revenues during the first six months of 2020, reaching P4.88 billion, albeit 21% lower from last year.
Its gross revenues fell 21% to P6.44 billion, resulting in an attributable net loss of P397.91 million, a turnaround from last year’s P585.86 million profit.
Aside from construction contracts, Megawide gets its revenues from airport, airport merchandising, and terminal operations. Shares in the company at the stock exchange closed at P6.95 apiece on Friday, down nine centavos or 1.28% from the last session. — Denise A. Valdez