MEGAWIDE Construction Corp. and its foreign partner GMR Infrastructure Ltd. have put on hold the implementation of their mixed-use development project at the Mactan-Cebu International Airport (MCIA), which covers the construction of a 400-room hotel, due to the coronavirus pandemic.
鈥淵es, still on hold because of COVID-19 (coronavirus disease 2019),鈥 Corporate Communications Officer Anna Karenina M. Salgado told 大象传媒 in a Viber message on Monday.
A report of independent auditors on factual findings published by Megawide on Monday said the P3-billion project 鈥渉as completed the final design and concept stages, but is currently on push-button mode and will be re-evaluated on when initial development will commence, subject to resumption of normalcy of travel and airport operations and the project鈥檚 overall value creation to all its stakeholders.鈥
鈥淭he initial plans involve the construction of a 400-room hotel, a meetings, incentives, conference, exhibitions (MICE) facility, and a travel retail concept to complement the airport鈥檚 features,鈥 P&A Grant Thornton said in its report.
It added that the long-term prospects 鈥渞emain sound,鈥 citing Cebu鈥檚 ideal location as a tourism and business hub.
鈥淭he project development timetable of 2-3 years provides enough time for the situation to revert back to pre-COVID environment,鈥 it also said.
Last week, Megawide announced that it had signed a joint venture agreement with Cebu City for the redevelopment of the Cebu Carbon Market.
The company would be investing P5 billion in the project.
Megawide shares on Monday closed 0.85% lower at P8.14 apiece. 鈥 Arjay L. Balinbin
