New ‘city’ to attract $5B investments

clark.jpg

By Ruelle Castro

CLARK, Pampanga. -- Udenna Development Corp., (Udevco)  said its 177-hectare mixed-use development in Clark freeport zone dubbed as the  next business district in Luzon, is seen  attracting $5 billion in investments.

Evan McBride, Udevco chief finance officer, said of the amount,  $200 million will go to  land development of Clark Global City while the rest will come from investments on property comprising  office buildings, commercial spaces and even a casino complex. 

Of the lined up projects, the Udenna group will undertake  five office buildings, two of which are already completed and three are under construction.

A casino complex  will be developed under Udenna unit PH Resorts Group Holdings Inc. and will be up by 2022, said McBride. 

The casino complex, still in the drawing board, will occupy at least 10 hectares in the property, said Wilfredo Placino, Clark Global City managing director. 

“We are developing what will become the Philippines’ new center of business, life and innovation,” said Dennis  Uy,  Udenna chairman. 

“Clark Global City will offer a global business destination and (will) spur economic transformation outside of Metro Manila, complementing the government’s efforts to spread growth across the country,” Uy added.

Udevco acquired late last year the  Clark Global City property then known Clark Logistics Hub, for $1 billion   

Unit Clark Global City Corp. acquired the property from Kuwaiti KGL Investment Co., (KGLI) which started the development of a 47-hectare portion three years ago. 

Completed vertical infrastructure within Clark Global City include 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 spaces.  

Placino said Clark Global City hopes to attract both local and foreign locators which can sub-lease lots, lease buildings and structures or lease office, commercial and parking spaces. Some deals are  in the advanced stage of discussion. 

Locators can now enjoy a lease of up to 67 years after Udenna extended its lease from the government by another 25 years, from the original 50  when it was won by KGLI eight years ago.  

Uy said Clark Global City sits in an ideal location, within a special economic zone and near major thoroughfares which has a “pool of diverse talents that abound the region make for a global business destination.” 

Central Luzon is home to 11.58 million people. Outside of Metro Manila, the region has the highest number of college graduates in its labor force numbering to 7.8 million. 

“Situated within the Clark Freeport Zone, the development offers the benefits of an ideal regulatory, economic and operating environment,” Uy said.

“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,” he added.

Clark Global City said prospective locators will also benefit from the completion of the North Luzon expressway-South Luzon expressway connector road, the Subic-Clark cargo railway and the Philippine National Railways North Railway in the next two to three years.

The planned PNR North Railway, for one, will create access to a bigger talent pool. The mass transportation system designed to carry 350,000 passengers daily will link the National Capital Region and Central Luzon.

SOURCE: https://malaya.com.ph/business-news/business/new-%E2%80%98city%E2%80%99-attract-5b-investments