Andrew Tan gestures as he explains Megaworld’s project to CDC’s Felipe Remollo (2nd from left) before the MOA signing on Tuesday.
With them are CDC’s Rafael Galvez and Edwin Lim of Megaworld. Photo by Ric Gonzales
CLARK FREEPORT – Business tycoon Andrew Tan vowed to invest P7 billion in a mixed-use complex here, starting his development in an abandoned US military hospital.
Megaworld Corp., a listed property developer controlled by Tan, has signed a deal to develop a 550-hectare portion within this freeport and Clark Special Economic Zone in Pampanga.
Tan, chairman and president of Megaworld, and Clark Development Corp. (CDC) President and CEO Felipe Antonio Remollo led the signing of the memorandum of agreement (MOA) for the real estate developer’s initial project in a 35-hectare area.
Tan said his project will generate at least 30,000 jobs.
Tan, who is also behind the Eastwood City, McKinley Hill and Newport City residential-business developments in Metro Manila, said their complex will offer offices to Business Process Outsourcing (BPO) firms and residential spaces, including a haven for retirees. It will also have a commercial center, he added.
For his part, Remollo said the entry of a “taipan like Tan will pave the way for the entry of other taipans in Clark.”
He disclosed that he is set to meet with the Gokongwei family next week for “another business venture in Clark other than the Cebu Pacific Air which has a hub here.”
In his speech, Tan bared his “secret” in deciding to invest at Clark. He said that he was impressed with Remollo’s enthusiasm in promoting Clark to Japanese investors during the recent visit of President Aquino in Japan earlier this year.
“They mentioned Clark to the Japanese business more than a hundred times,” said Tan, drawing laughter from the CDC and Megaworld officials at the CDC boardroom.
Megaworld specializes in community-style developments that offer a mix of residential, retail and commercial projects. The company has six “township” developments across Metro Manila. Earlier this year, the company launched its first project outside the nation’s capital via the 55-hectare Iloilo Business Park.
Tan hailed President Aquino administration’s transparency and honesty in dealing with businessmen “which is present at Clark and CDC.”
There are at least 62,000 workers at the Freeport where more than 400 locators presently operate.