Megawide Construction Corp. (Megawide) is set to commence construction on Block-2 of the ongoing Carbon Market redevelopment, further advancing its commitment to modernizing public spaces. The Engineering, Procurement, and Construction (EPC) unit of Megawide will oversee the project, which includes the design and construction of the Block-2 vertical structure.
This phase covers a wide range of works, including piling, structural development, architectural design, and the installation of mechanical, electrical, plumbing, and fixtures (MEPF), along with the supply and installation of pre-cast products. The project, valued at approximately P1.1 billion, marks a significant milestone in the development of the Carbon Market.
“We envision the Carbon Market as a model for urban renewal and public market modernization in the Philippines. Beyond its role in transforming this vital public space, this project allows us to demonstrate the power of our vertically integrated operations and showcase the synergies within the Megawide group,” said Edgar Saavedra, Chairman and CEO of Megawide. “By executing these organic projects, we can deliver on our commitment to speed-to-market, consistent quality, and excellent craftsmanship—hallmarks of every Megawide development.”
The completion of Block-2 is expected by the first quarter of 2026. Saavedra also emphasized the strategic use of pre-cast technology in the design and engineering process of the building. “Incorporating pre-cast elements will allow us to reduce the construction timeline while maintaining the high standards of quality and consistency our clients expect. This approach also aligns with our commitment to environmentally and socially responsible (ESG) construction practices,” he added. “It also enables us to capture value across various areas, from engineering services to the supply of pre-cast materials, and eventually, once the facility is completed, in its operation.”
The redevelopment of Carbon Market is guided by a 50-year lease agreement with the local government of Cebu, which aims to preserve the site’s cultural heritage while establishing it as a prime tourist destination. This ambitious project is positioned to drive social, environmental, and economic transformation in the region.
Block-2 will be a multi-level, mixed-use development, housing select sections of the existing public market. Additionally, other floors will feature a variety of exciting offerings, including food and beverage selections, high-quality handicrafts, and unique local finds, all of which will highlight the best of Cebu. Once complete, Block-2 will complement nearby attractions, such as The Barracks (Cebu’s first hawker center), and the Sto. Niño Chapel, Freedom Park, and the ongoing Puso Village.
As of the end of 2024, Megawide’s order book has grown to P43.5 billion, with P16.3 billion in new contracts secured during the year, including the Block-2 project. Looking ahead, the Company aims to maintain a balanced portfolio, focusing on organic projects, private commercial and industrial developments, and public infrastructure—aligning with the government’s large-scale infrastructure priorities.
