CLARK FREEPORT – A firm backed by Kuwaiti investors broke ground for its multi-million dollar AeroPark Campus at the sprawling 177-hectare Global Gateway Logistics City (GGLC) property here on Wednesday.
KGL Investment Company (KGLI), which is backed by Kuwaiti investors, said the first phase of the AeroPark Campus will involve the construction of five office buildings located just across The Medical City Clark Hospital, which was also built by KGLI.
Mark Williams, KGLI Asia CEO, said the groundbreaking for the Aero- Park Campus represents an exciting new phase in the development of GGLC, a well-designed and master- planned office and logistics district strategically located next to Clark International Airport.
Williams assured that the office buildings will conform to the height limit set by the Civil Aviation Authority of the Philippines (CAAP) which is about 10 to 12 storeys. “But we can go higher as we go farther away from the airport,” he added.
“With the addition of new high-quality office space located in a well-designed master- planned precinct within the Clark Freeport Zone and directly adjacent to the Clark International Airport, we foresee the Clark Freeport Zone emerging as a new office and logistics hub for the Philippines,” Williams said.
On hand during the afternoon ceremony were Gov. Lilia “Nanay Baby” Pineda, Clark International Airport Corp. (CIAC) President-CEO Emigdio P. Tanjuatco III, Kuwaiti Ambassador Waleed Ahmad Al-Kandari, Angeles City Mayor Edgardo Pamintuan, CBRE chairman Rick Santos, Global Gateways Development Corp. (GGDC) President Michael V. Russel as well as officials of KGLI led by Williams.
Global positioning
Gov. Pineda expressed her elation after the ceremony saying the new project is a welcome development considering the job opportunities it will generate as well as the positioning of the province of Pampanga into the world economy.
Pineda sad she is delighted with the 10,000 workers needed for the first phase of the project and up to 300,000 job opportunities in the succeeding years.
Mayor Pamintuan described the event as a milestone in the history of Clark. “Let’s have more milestones every quarter,” he said.
Russel said mobilization has begun Thursday “for the construction of Leadership in Energy and Environmental Design (LEED) Certified facilities whose spatial offerings and amenities will once again change the landscape of Clark and the surrounding area.”
He said five “Grade A” office buildings will be constructed under the initial phase and will follow the highest standards.
Russel said the five office towers with a gross floor area of 142,000 square meters are expected to be completed in 24 months or in 2017.
The company also plans to build a retail and gas plaza, a hotel and serviced apartment complex.
AeroPark Campus is a part of GGLC, a major real estate development that will entail the investment of over $3 billion in new facilities, providing direct employment to more than 3,000 construction and trade workers at the peak of construction.
Once completed, the GGLC project will generate employment opportunities to over 300,000 workers with $600 million in annual payroll for entry-level employees alone.
KGLI plans to transform GGLC into a stateof- the-art commercial and logistics aerotropolis built to the highest environmental standards.
KGLI, through local unit GGDC, has a lease on the property for a period of 50 years, with an option to renew for 25 years.
Williams said the first phase of the project will be bankrolled by Hong Kong-based Asian private equity firms ADM Capital and BPE Asia Real Estate, which recently committed an initial $150-million investment to finance the construction of Grade A office buildings and surrounding infrastructure in GGLC.
ADM Capital is a fund manager with headquarters in Hong Kong while BPE Asia Real Estate is an affiliate of Baring Private Equity Asia, which also has an office in Hong Kong.
The $150-million project represents one of the largest investments by foreign investors in the Philippines’ real estate sector and is expected to transform Clark Freeport Zone into a new office and logistics hub.
For his part, Santos said Clark Freeport which is located 80 kilometers north of Metro Manila is well positioned to thrive as a BPO and logistics hub, given the large population of skilled workers in Central Luzon and its proximity to the Philippines’ capital.
Conspicuously absent during the groundbreaking ceremony was Clark Development Corp. President-CEO Arthur P. Tugade.
