Dennis Uy Firm Investing $6-Billion In Clark
Clark Global City Corp., a wholly-owned subsidiary of Udenna Development Corp., plans to invest $6 billion to develop the 177-hectare Clark Global City within Clark Freeport Zone in Pampanga into a “global business destination” that will include a 10-hectare casino resort. Udenna, the holding company of businessman Dennis Uy, earlier acquired the project previously known as Global Gateway Logistics City from Global Gateway Development Corp. led by Kuwaiti investors.The $6-billion investment would include the $1-billion acquisition cost of the land, CGCC executives said. CGCC vice chairman Wilfredo Placino said in an interview during the unveiling of the master plan for the whole development that the group would hold a roadshow in Hong Kong, Beijing, and Tokyo next month to attract foreign investors as potential locators in Clark Global City. Placino said potential locators would be allowed to lease the property for a period of 67 years at P99,000 per square meter. He said a total of 806,682 square meters would be leased out to locators, while 325,597 sq. m. would be retained by CGCC. Clark Global City under the masterplan will be a mixed-use development with office buildings, residential developments, hotels, hospital, schools, transport terminal, sports center, an iconic tower, retail development, and casino and entertainment complex.“We are developing what will become the Philippines’ new center of business, life, and innovation,” Uy, who serves as chairman and chief executive of Udenna, said.
SOURCE:
Jenniffer B. Austria (2018, May 29). Dennis Uy firm investing $6-billion in Clark Retrieved from http://www.manilastandard.net/business/transport-tourism/266813/dennis-uy-firm-investing-6-billion-in-clark-.html
