MEGAWIDE Construction Corp. has begun main structural works for a P3.67-billion Megaworld Corp. residential development in Pasay City, adding to its growing construction order book amid expectations of stronger earnings this year.
The engineering and infrastructure firm said it recently completed the first concrete pouring for One Portwood Residences, marking the start of vertical construction for the 14-story condominium project.
The development will have a gross floor area of about 73,561 square meters and is scheduled for completion in 2028.
Megawide said the contract formed part of its P48.7-billion construction order book as of end-March 2026, providing visibility for future revenues as the company ramps up project execution.
"The start of vertical construction is a significant milestone because it transitions the project from foundation works to the actual building phase," the company said.
Megawide Chief Operating Officer Frederick Tan said the project underscored the firm's long-standing partnership with Megaworld, which began in 2016.
Tan said One Portwood Residences was the 15th project undertaken by the two companies.
"Having worked with them since 2016 and now spanning 15 projects, we continue to deliver developments that combine both quality and efficiency at every stage of construction," he said.
Megaworld Senior Vice President Jennifer Romualdez, meanwhile, expressed confidence in Megawide's ability to complete the project on schedule while maintaining construction quality standards.
The company said it would employ its integrated engineering and construction approach, supported by quality control and safety systems, for the development.
The latest project comes as Megawide reported improved first-quarter results, with net income rising 25 percent to P265 million.
The company also reported a stronger balance sheet, with its debt-to-equity ratio improving to 1.1 times as of end-March 2026 from 1.5 times at the end of last year. Its net debt-to-equity ratio likewise eased to 0.8 times from 1.1 times.
Megawide said it was expecting a stronger performance in succeeding quarters, supported by its construction and real estate businesses.
The company is known for its participation in major infrastructure projects, including the development of the Mactan-Cebu International Airport, the Parañaque Integrated Terminal Exchange, and the construction of Clark International Airport.
Shares of Megawide on Friday rose P0.08 or 2.49 percent, to close at P3.29 each.
