Megawide Construction Corp. said Tuesday it bagged a supply contract for 1,664 housing units in General Trias, Cavite.
Megawide said in a disclosure to the stock exchange it would build the housing units as part of eight supply contracts with PHirst Park Homes Inc., a joint venture between Century Properties Group Inc. and Mitsubishi Corp.
The company said the deal would further expand its precast order book and strengthen its presence in the horizontal housing segment.
Megawide said it would build an onsite precast molding and concrete batching plant to manufacture precast housing components for the project for more efficiency and faster turnover.
“With our precast technology, backed by a fully-integrated logistics system, we can turn over more units and help clients realize higher revenue in a shorter time compared with conventional methods,” Megawide executive vice president Markus Hennig said.
“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,” Hennig said.
Megawide, citing data from the Urban Development Coordinating Council, said the country’s housing backlog reached 5.7 million for 2011 to 2016. Addressing the backlog would require the construction of 2,600 homes a day in the next six years.
“Our continued presence in this segment is part of our commitment to help address the perennial housing problem in the country. 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,” said Megawide chairman and chief executive Edgar Saavedra.
Megawide is building close to 13,000 housing units for PPHI in several project sites across Luzon.
PPHI is developing 10 master-planned communities with over 18,000 housing units and P33.3 billion in sales value. It recently launched two new developments in Naic, Cavite and Balanga City, Bataan and plans to unveil two projects in the second half.
These new developments will offer 7,100 units with combined revenue of P13.2 billion.