EEI bags Calax section, Arcovia hotel deals

EEI Corp. has added two new infrastructure projects to its portfolio, bringing its construction pipeline to P32.94 billion as the private and public sectors both ramp up infrastructure spending.

In a regulatory filing on Monday, EEI said it was awarded the contract to build the Cavite-Laguna Expressway (CALAx) Subsection 1 in Kawit, Cavite province, for P2.7 billion.

The contract covers the construction of the roadway, drainage systems and “related structures.”

Stretching 44.57 kilometers, CALAx, a public-private partnership, is expected to improve accessibility and travel time to Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon).

It will be connected to the Manila-Cavite Expressway (Cavitex) via the 7.4-km Cavitex-CALAx Link project.

On the hospitality side, EEI also bagged a contract with developer Megaworld Corp. for the construction of Arcovia Hotel in Pasig City.

In the third quarter alone, EEI secured P19.1 billion in new projects.

“These new project wins mark a significant turnaround for EEI, reflecting our resilience, competitiveness in the industry and renewed growth momentum,” said Anna Payawal-Figuera, EEI senior vice president and head of operations.

Last year, EEI swung to a net loss of P4.42 billion from a net profit of P149.67 million in 2023 due to lower revenues and construction delays.

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EEI described 2024 as its “most challenging” year, saying its financial results had shown the “impact of problematic legacy projects that were obtained and started in previous years.”

This year, the company said it looked forward to “sustaining its growth trajectory and further contributing to the country’s development and economic growth.”

Last month, EEI announced its debut into the real estate sector and would soon tap its land bank spanning 139 hectares across the country.

The listed construction firm’s property development projects in the pipeline include an “affordable luxury” micro condominium in Clark, Pampanga province and an integrated township in Cavite province.