The consortium led by engineering and infrastructure conglomerate Megawide Construction Corp. and Korean firms Hyundai Engineering & Construction Co. Ltd. and Dong-ah Geological Engineering Co. Ltd. have been awarded a phase 1 construction deal for the Malolos-Clark railway project (MRCP), estimated to cost P28 billion.
In a disclosure to the stock exchange, Megawide said it received the notification award for the 17-kilometer segment of the project on September 18.
The contract involves the provision of civil engineering works as well as elevated station buildings in Calumpit, Bulacan and Apalit, Pampanga.
“Megawide, together with our world-renowned consortium partners in the field of engineering,Hyundai E&C and Dong-ah, is committed to deliver the highest standards of construction and engineering excellence for the MCRP. This will be another first-world infrastructure in the making,” said Edgar Saavedra, chairman and CEO of Megawide.
Saavedra said the P28 billion contract represents more than half of Megawide’s current order book of P48 billion and will boost the company’s construction segment revenue in the next three to four years during the development phase.
“Not only will this project, once totally completed, spur growth in Central Luzon, it will also increase connectivity and unlock exciting commercial opportunities between Metro Manila and Clark. This is also a strong testament to how public and private sectorcooperation –foreign and local alike –can effectively propel the country towards a First-World Philippines,” Saavedra said.