Push Admin

Megawide signs P5.5-B joint venture with Cebu gov't to revamp Carbon Market

Article (news)

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/tvpatrol/01/11/megawide.jpg"/><figcaption>Artist rendition of a revamped Carbon Market. <em>Megawide handout</em></figcaption></figure></div><p>MANILA - Megawide Construction Corp said it signed a P5.5-billion joint venture agreement with the local government of Cebu to revamp the existing Carbon Market.</p><p>&quot;On Jan. 11, the company and the city entered into a JVA for the phased redevelopment of the Cebu Carbon Market, which includes construction, development, and operation of mixed-use assets on the project site,&quot; Megawide told the stock exchange on Monday.</p><p>Megawide said the project seeks to turn Carbon Market into a commercial, heritage, and cultural district which encourages the growth of local tourism and business.</p><p>The term of the JVA is 50 years.</p><p>Aside from the revamp of the 24/7 Carbon public market, Megawide will develop a wholesalers hub, a transportation hub, a lifestyle village with shops and restaurants, a &quot;boqueria&quot;, an airport check-in hotel, and a park with a chapel.</p><p>Megawide noted that &quot;development will be spread out in phases over 5 years upon its start date&quot;, adding it can start construction once the Cebu government gives its go signal through a notice to proceed.</p><p>The Cebu government, for its part, will allow for the exclusive use and possession of the project site.</p><p>Megawide said the joint venture can be extended for another 25 years.</p><p>Other than Carbon Market, Megawide and its partner GMR is in charge of the operation and maintenance the Mactan Cebu International Airport in Lapu-Lapu City, Cebu.</p><div><br/><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe src="https://www.youtube.com/embed/jstQiIpjZxQ?enablejsapi=1"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Megawide Construction Corp said it signed a P5.5-billion joint venture agreement with the local government of Cebu to revamp the existing Carbon Market.</p>

Megawide Construction Corp said it signed a P5.5-billion joint venture agreement with the local government of Cebu to revamp the existing Carbon Market.