Megawide Construction Corp. said it will commence construction of the P1.1 billion Block 2 of Cebu City’s Carbon market, which is expected to be delivered to the local government of Cebu within the first quarter of 2026.
Edgar Saavedra, Megawide chairman and CEO, said that the Block 2 project is expected to the delivered to the local government of Cebu City within the first quarter of 2026.
The scope of work under the design and build contract for the Block-2 vertical structure covers piling works, structural development, architectural, and mechanical, electrical, plumbing, and fixtures (MEPF) – including supply and installation of pre-cast products – and is worth approximately P1.1 billion.
For faster completion of the project, Saavedra said they incorporated its pre-cast technology into the design and engineering aspect of the Block-2 building to be able to shorten the timetable, maintain product quality and consistency, and adhere to ESG-friendly construction methodology.
Block-2 will be a multi-level, mixed-use development which will house specific sections of the existing public market. Other floors will be filled with exciting offerings – ranging from food and beverage selections, finest handicrafts, and other special finds – that showcases the best of Cebu.
Once completed, Block-2 will complement the existing attractions in the area, like The Barracks (Cebu’s first hawker center), the Sto. Niño Chapel (a devotion to Cebu’s Patron Saint), Freedom Park, and the ongoing Puso Village.
“This will also enable us to capture value across multiple fronts – from construction and engineering services to supply of pre-cast materials, and finally when the facility is put up,” added Saavedra.
The Carbon Market is envisioned to be the model for urban renewal and public market modernization in the country. In addition, Megawide wants to demonstrate our vertically-integrated operations and showcase the synergies within the Megawide group through these types of organic projects, to ensure speed to market, consistent quality, and excellent workmanship our developments are known for.
The Carbon Market Redevelopment is under a 50-year lease agreement with the local government of Cebu, which aims to preserve the cultural heritage of the site while promoting it as a tourist destination. It is also being endorsed as a catalyst for social, environmental, and economic transformation.
The developments in blocks are: B2, B3, B4, B5, B6 and the Bayfront Area. Block 1, which refers to one of the blocks within the redevelopment project, specifically focusing on the wet market area, will be converted into the Sto. Nino Park.
Megawide said it grew its order book to P43.5 billion as of end-2024, with P16.3 billion new contracts signed during the year, including the Block-2 structure.
