19 March 2019
W Group to develop office, commercial spaces in Clark Global City
TAGUIG-BASED property developer W Group, Inc. is venturing to Clark Global City for its first project outside Metro Manila, upbeat on the business district’s growth prospects.
In a statement issued Monday, Global Gateway Development Corp. (GGDC) said it has signed a memorandum of agreement with W Group for the sublease of a 21,918-square meter (sq.m.) property in Clark Global City.
Under the deal, W Group will develop a combination of office and commercial spaces within Clark Global City. It also has the option to sublease an additional 14,065-sq.m. lot in the future.
“After completing our developments inside BGC, we realized it’s high time to venture to other areas especially when land is becoming scarce,” W Group President Norman Vincent L. Wee was quoted as saying in a statement.
W Group has previously been confined to projects inside Bonifacio Global City in Taguig. The company’s developments include office buildings W City Center, W Fifth Avenue, W Global Center, W High Street, and Citibank Plaza by WBGC, as well as residential condominium W Tower.
“We have bright prospects for Clark. We believe it is the next big metropolis and we are looking forward to bringing our expertise of building state-of-the-art office and commercial spaces that inspire creativity and productivity,” Mr. Wee added.
GGDC Chairman Dennis A. Uy noted that the W Group’s entry into Clark will further improve the office offerings within the business district.
“We believe it is strategic for both parties to form this agreement. Having W Group in CGC highly aligns with our vision of providing efficiency-conducive spaces for a new breed of professional workforce,” Mr. Uy said in a statement.
W Group joins the roster of locators that have recently signed with GGDC. GGDC recently signed an agreement with DataLand, Inc., the property unit of DDT Konstract, Inc., for the sublease of a 2.3-hectare property in the area. DataLand develops residential condominiums mainly in Metro Manila.
The company has also signed a sublease agreement with Suyen Corp., the firm behind homegrown clothing brand Bench, for an office building in the area.
SM Prime Holdings, Inc. has earlier signed a sublease agreement that will allow it to develop retail, office, and hotel projects, while Antonio-led Century Properties Group, Inc will be forming a joint venture with GGDC for an affordable housing project there.
GGDC holds the lease rights for Clark Global City until 2085, at which time it plans to develop top-grade office buildings, upscale retail outlets, academic centers, sports centers, an urban park, an integrated resort and casino, and modern support services and amenities.
GGDC is a wholly owned unit of Udenna Development Corp., the property arm of Mr. Uy’s Udenna Corp. The Udenna Group also has interests in petroleum and oil, logistics, infrastructure, education, and convenience stores, among others.
Arra B. Francia (19 March 2019). W Group to develop office, commercial spaces in Clark Global City Retrieved from https://www.bworldonline.com/w-group-to-develop-office-commercial-spaces-in-clark-global-city/