The Block-2 project of the Carbon Public Market in Cebu will be completed by the first quarter of next year, its developer Megawide Construction Corp. disclosed to the Philippine Stock Exchange.

Megawide has earmarked P1.1 billion for the vertical structure as part of the redevelopment project of the Carbon Public Market.

“We envision Carbon market to be the model for urban renewal and public market modernization in the country,” Megawide chairperson and chief executive officer Edgar Saavedra said.

“We want to demonstrate our vertically-integrated operations and showcase the synergies within the Megawide group through these types of organic projects, to ensure speed to market, consistent quality, and excellent workmanship our developments are known for,” he added.

The project will be a multi-level and mixed-use development that will house various sections of the existing public market such as food and beverage selections, handicrafts, and other special finds showcasing the products of Cebu.

It will complement the existing attractions in the area like the Sto.Niño Chapel, Freedom Park, Puso Village, and The Barracks, which is Cebu’s first hawker center.

Under a 50-year lease agreement with the local government of Cebu, the redevelopment project aims to preserve the cultural heritage of the site and promote it as a tourist destination.

The listed firm said its engineering, procurement, and construction (EPC) unit will begin the construction of Block-2 which involves piling works, structural development, architectural, and mechanical, electrical, plumbing, and fixtures, including supply and installation of pre-cast products.

“We have incorporated our pre-cast technology into the design and engineering aspect of the Block-2 building to be able to shorten the timetable, maintain product quality and consistency, and adhere to ESG-friendly construction methodology,” Saavedra said.

MEGAWIDE PHOTO