LISTED construction company Megawide Construction Corp. announced on Monday that it secured its eighth contract with housing developer PHirst Park Homes, Inc. (PPHI).
Under the contract, Megwide will build 1,664 housing units using precast materials in PPHI General Trias in Cavite, the company said in an e-mailed statement.
Megawide also built housing units for PPHI Tanza in the same province in 2018.
“The contract will further expand Megawide’s precast order book and strengthen its presence in the horizontal housing segment,” the company said.
“For more efficiency and faster turnover, the company is also set to build an onsite precast molding and concrete batching plant to manufacture precast housing components for the project,” it added.
The company hopes to help address the “perennial housing problem” in the Philippines, Megawide Chairman and Chief Executive Officer Edgar B. Saavedra said.
“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 Philippines’ estimated total housing backlog is 5.7 million for 2011-2016, the company said, citing data from the Housing and Urban Development Coordinating Council.
The country needs to construct 2,600 homes per day in the next six years, it noted.
“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,” said Markus Hennig, Megawide executive vice-president for business units.
“We are also encouraging more developers, whether on the affordable or upscale side, to adopt this technology as the standard.” — Arjay L. Balinbin