Udenna Group To Spend $5 Billion To Develop Clark Global City
THE Udenna Group, the holding company of Davao businessman Dennis A. Uy, is investing up to $5 billion (P262.9 billion) over the next decade to develop newly acquired Clark Global City in Clarkfield, Pampanga, envisioned to become the new central business district in Central Luzon.
“We are developing what will become the Philippines’s new center of business, life and innovation,” said Uy, Udenna chairman and CEO.
The company, which over the past two years has picked up several companies and projects in the country including this one, has completed the master plan of the 177-hectare prime property development it recently acquired within the Clark Freeport Zone in Mabalacat, Pampanga.
Clark Global City will host top-grade office buildings, retail outlets, academic centers, sports centers, an urban park, an iconic tower, a hotel and casino, and modern support services and amenities.
“Clark Global City will offer a global business destination and spur economic transformation outside Metro Manila, complementing the government’s efforts to spread growth across the country,” Uy said during the launch on Tuesday.
At present, 47 hectares of the 177-hectare development have been fully completed with horizontal infrastructure built to withstand 100-year storm events. It compares itself to Bonifacio Global City in Taguig, a development of the Ayala Group, which it said has infrastructure to withstand only 25-year storm events.
This includes a 10-hectare integrated resort and casino complex, to be developed by another unit of Udenna. The gambling complex will rise by 2022.
Clark Global City Managing Director Wilfredo Placino said the development cost will be funded by the sublease of lots, at P99,000 per square meter, being offered to both local and foreign developers.
Placino, a former banker, said they expect to close the deal with nine local developers over the next few weeks while company officials plan to go on a road show next month in Hong Kong, Beijing and other parts of China, as well as Tokyo, Japan, to convince foreign developers to invest in the project.
Placino said it has already secured a 25-year extension in the lease agreement with the government on top of the original 50-year lease agreement.
This means locators and developers can use their lots for 67 years, since eight years has already been used up by the previous owner.
Completed vertical infrastructure within Clark Global City includes a 173-bed hospital under The Medical City brand and two top-grade office buildings with 57,000 square meters of leasable office and retail space.
Clark Global City also offers direct access to the Clark International Airport, which sits about 7.5 kilometers or 10 minutes away by car. The new terminal, under construction, will have a direct link to the existing road leading to the development.
SOURCE
VG Cabuag (2018, May 29). Udenna Group to spend $5 billion to develop Clark Global City Retrieved from https://businessmirror.com.ph/udenna-group-to-spend-5-billion-to-develop-clark-global-city/
