Businessman investing $5 billion to transform Clark Global City
A ‘new center’ of business, life and innovation to complement the government’s efforts to spread growth across the country will be developed in Clark, according to Udenna Corp. chairman and CEO Dennis Uy.
Uy said they are transforming a 177-hectare prime land inside Clark Freeport Zone into a global business destination called Clark Global City, with expected $5 billion investments in the next 10 years.
“Clark Global City will offer a global business destination and spur economic transformation outside of Metro Manila, complementing the government’s efforts to spread growth across the country,” he said.
Uy said the new center would host top-grade office buildings, up-market retail outlets, contemporary academic centers, sports centers, an urban park, hotel and casino and modern support services and amenities among others.
Uy also cited the suitability of the center’s location for businesses and how it will be supplemental to the future developments in this Freeport, “Clark Global City’s location within a special economic zone and near major thorough fares along with the pool of diverse talents that abound the region make for a global business destination,” he said.
Uy said the prospective locators in the new center would benefit from the planned expansion of the Clark International Airport – which will have a direct link to the existing road leading to the development. The completion of the NLEX-SLEX connector road, Subic-Clark Cargo Railway and PNR North Railway in the next two to three years was also deemed beneficial for potential locators of CGC as it links the National Capital Region and Central Luzon to create access to bigger talent pool.
Meanwhile, Clark Development Corp. president and CEO Noel F. Manankil said he believed that the CGC works in coherence with the on-going development of the New Clark City (NCC) and masterplan for Clark.
“When the masterplan for New Clark City was developed, the planners took into consideration the plan for Clark as well as the plan of CGC, so they made sure that the entire master plan for Clark is complementary with each other as against being competition,” Manankil said.
Uy said that they envision CGC to “help pave the way for more companies in various industries to invest in the Philippines and, subsequently, create more employment opportunities for Filipinos.”
At present, the 47 hectares of the 177–hectare development have been fully completed with world-class horizontal infrastructure built to withstand 100-year storm events. The ‘new center’ is expected to be fully-developed in a span of 10 years.
Udenna is also in negotiations with nine local companies to locate inside the CGC area. The firm is set to announce in the next three months the companies that will invest in Clark, Uy said.
Aside from its location, infrastructure and tax incentives, Clark Freeport Zone has become an ideal destination for foreign investors because of the ease of doing business.
30 May 2018