MEGAWIDE Construction Corp. on Thursday said that subsidiary Megawide Dreamrise Residences Inc. (MDRI) had topped off two towers of a socialized housing project in Dasmariñas, Cavite under the government’s Expanded Pambansang Pabahay Para sa Pilipino (4PH) Program.
MDRI simultaneously topped off Towers C and D of Jab Residences on Oct. 1, completing their structural framework and allowing the project to move into the succeeding phases of development. The topping-off came seven months after the project’s concrete pouring ceremony in February, Megawide said.
“This milestone is a very important step for the government, the Filipino people, and the country. We are proud to be part of this pioneering initiative that aims to accelerate the construction of First-World, affordable, and accessible housing developments for many Filipino families,” MDRI Chairman Edgar Saavedra said.
MDRI is a partnership between Megawide and the Department of Human Settlements and Urban Development through the state-run Home Development Mutual Fund, or Pag-IBIG Fund, for the development of mechanized and modernized socialized housing under the expanded 4PH program.
The company said progress at Jab Residences also demonstrates the Megawide Group’s vertically integrated capabilities, with Megawide Construction Corp. providing engineering and construction services while Precast and Construction Solutions supplies precast components and ready-mix concrete, along with logistical support.
MDRI currently has two projects in its portfolio, Jab Residences and Jenara Residences, both in Dasmariñas. The two projects are expected to generate a combined 7,143 housing units within the next two years, according to the company.
The projects form part of Megawide Group’s target to build 100,000 socialized housing units under the expanded 4PH program over the next five to seven years.
On Thursday, Megawide shares dropped P0.03, or 0.56 percent, to close at P5.32 each.
