Megawide targets to finish Carbon Market’s Block-2 by 2026

LISTED infrastructure conglomerate Megawide Construction Corp. said it targets completing the construction of Block-2 of the ongoing Carbon Market redevelopment in Cebu by the first quarter of 2026.

The project, valued at approximately P1.1 billion, involves the design and build contract for the Block-2 vertical structure, including piling works, structural development, architectural, mechanical, electrical, plumbing, and fixtures, as well as the supply and installation of pre-cast products, Megawide said in a regulatory filing on Wednesday.

Block-2 of the Carbon Market will be a multi-level, mixed-use development that will house specific sections of the existing public market.

Other floors will feature various offerings, including food and beverage products, handicrafts, and other special items.

Once completed, Block-2 will complement existing attractions in Carbon Market, such as The Barracks (Cebu’s first hawker center), the Sto. Niño Chapel, Freedom Park, and the ongoing Puso Village.

In 2020, Megawide’s subsidiary Cebu2World Development, Inc. won the 50-year contract to construct and operate the Carbon Market.

The project is under a lease agreement with the Cebu local government, which seeks to preserve the cultural heritage of the site while promoting it as a tourist destination.

Megawide shares rose by 4.88%, or 10 centavos, to P2.15 per share on Wednesday. — Revin Mikhael D. Ochave