MEGAWIDE Construction Corp. on Tuesday said that the Construction Industry Arbitration Commission (CIAC) has ordered it to pay P368.92 million to HTLand Inc. in relation to arbitration proceedings filed by the latter in connection with the construction of part of the Mandani Bay project in Mandaue City, Cebu.
In a disclosure to the Philippine Stock Exchange, the company said that on Monday, Jan. 26, it received a notification from the CIAC dated Jan. 22, 2026, rendering a net award of P368,918,211.37 in favor of HTLand.
Megawide said it was currently evaluating the final award, “and will take such actions as may be appropriate under applicable laws and CIAC rules.”
Megawide “will file its answer and counterclaims in due course,” the disclosure read.
In 2024, HT Land filed an arbitration claim amounting to more than P1.29 billion against Megawide in relation to the construction of the P10 billion Mandani Bay Quay, Phase 2 Block 1.
HT Land filed the claim, allegedly due to unsettled obligations by Megawide, excluding interest on other outstanding claims.
Located in Mandaue City, Cebu, Mandani Bay is a project of HTLand, a joint venture between Hongkong Land and Taft Properties.
The two parties had entered into an agreement to build the project in 2018.
Phase 2 of the project had a planned construction floor area of 328,000 square meters, and was planned to include three 40-story residential towers, one 30-story office building, an amenities floor, two commercial levels, and four floors of podium parking.
At present, the Mandani Bay project is still under development, although some of the real estate developments in the area are said to have been completed.
Megawide shares on Tuesday dipped by P0.08 to settle at P3.22 apiece.
