MANILA - Megawide Construction Corp. on Monday said its joint venture with Hyundai Engineering & Construction Co. Ltd. and Dong-ah Geological Engineering Company Ltd has been awarded the Malolos-Clark Railway Project (MCRP) package 1.
The consortium will undertake building and provision of civil engineering works covering 17 kilometres of viaduct structure, elevated station buildings in Calumpit, Bulacan and Apalit, Pampanga it said in a disclosure to the stock exchange.
The project, estimated to cost P28 billion is seen to boost the company’s construction segment revenue in the next 3 to 4 years during the development phase. The MCRP project is equivalent to more than half of Megawide’s current order book of P48 billion.
The Malolos-Clark Railway is a 53.1-kilometer train line that will connect Malolos in Bulacan to the Clark International Airport in Pampanga. It is expected to cut travel time from Manila to Clark to less than an hour and to serve 342,000 passengers daily.
The Malolos-Clark line is part of the 163-kilometer North-South Commuter Railway Project, which aims to connect New Clark City to Calamba in Laguna. It is expected to be completed by 2025.
“This will be another first-world infrastructure in the making…Not only will this project, once totally completed, spur growth in Central Luzon, it will also increase connectivity and unlock exciting commercial opportunities between Metro Manila and Clark. This is also a strong testament to how public and private sector cooperation – foreign and local alike – can effectively propel the country towards a First-World Philippines,” said Edgar Saavedra, Megawide chairman and CEO.
"At a time when the property market is softening and private sector developers are recalibrating expansion plans due to the COVID-19 crisis, public infrastructure projects, like the MCRP, are critical in jumpstarting the economy," it added.