Megawide inks lease for P1.19-B Baguio City transport terminal – BusinessWorld Online
MEGAWIDE Construction Corp. has signed a lease agreement with the Baguio City Government to implement the P1.19-billion Baguio City Integrated Terminal (BCIT) project.
In a stock exchange disclosure on Thursday, the listed engineering and infrastructure company said the agreement follows its receipt of the notice of award for the project last year.
The lease covers the development, construction, and operation of an integrated transport terminal, including mixed commercial spaces within the premises, Megawide said.
The lease term will not extend beyond the 40th anniversary of the construction start date or the expiration of the applicable usufruct arrangement.
Megawide noted that the project was awarded after no competing bids were received to challenge the company’s unsolicited proposal.
The BCIT is designed to handle up to 25,000 passengers daily and will initially serve seven southbound routes, including La Union, Pangasinan, Tarlac, Pampanga, Bulacan, Metro Manila, and Cavite via the planned South Luzon Integrated Terminal Exchange.
The terminal will be built on a five-hectare property in Barangay Dontogan, about five kilometers from Baguio City proper.
The project aims to ease traffic congestion in the city by relocating provincial buses and UV Express vans outside the central district.
On Thursday, Megawide shares rose 17 centavos, or 5.41%, to close at P3.31 apiece. — Ashley Erika O. Jose