(SEALED. Dennis Uy of GGDC and Hans Sy of SM Prime shake hands after the contract signing. Photo by Ashley Manabat)
CLARK FREEPORT – The sprawling 177-hectare Clark Global City (CGC) here has secured its first anchor locator with SM Prime Holdings, Inc., the country’s biggest property developer.
Global Gateway Development Corp. (GGDC), the new developer of CGC, and SM Prime signed a sublease agreement for up to 10 hectares of the former’s leasehold recently.
GGDC, an Udenna company, will initially sublease five hectares of CGC to SM Prime. Within the next three years, the property development arm of the SM Group will have the option to take five more hectares, according to a statement from Udenna on Thursday.
It added that the subleased space will effectively expand the adjacent retail, office and hotel developments of SM Prime in this freeport.
“Clark Global City provides us another platform to help develop Clark and thereby unlock employment and business opportunities in the region,” said Hans T. Sy, chairman of the executive committee of SM Prime.
“We will explore more opportunities to contribute to the transformation of Clark as a premier investment destination in Asia-Pacific,” he added.
CGC is a master-planned development with a buildable area of more than 123 hectares. It will host topgrade office buildings, up-market retail outlets, contemporary academic centers, sports centers, an urban park, an iconic tower, a hotel and casino, and modern support services and amenities.
At present, CGC is home to a 173-bed hospital under The Medical City-Clark brand along with two fully leased out Grade A office buildings.
The existing office buildings, with 57,000 square meters of leasable office and retail spaces, form part of a complex called West Aeropark. Three more buildings, which have been pre-leased, are under construction at the site.
“Having SM Prime as one of our anchor locators boosts our efforts in developing Clark Global City as the country’s new center of business, life and innovation,” GGDC chairman Dennis A. Uy said.
“We look forward to welcoming more companies and investors as partners in realizing our vision for Clark Global City, which we believe will translate to more jobs and better living conditions for our fellow Filipinos,” Uy added.
GGDC is the owner and developer of CGC which is a wholly owned subsidiary of Udenna Development Corp., the real estate and property development arm of one of the fastest-growing holding companies in the Philippines — Udenna Corp.
Incorporated on March 19, 2002, Udenna is at the helm of the diversified business interests of the Udenna Group in petroleum and oil through Phoenix Petroleum; shipping and logistics through Chelsea Logistics; real estate through Udenna Development; education through Enderun Colleges; and infrastructure through Udenna Infrastructure, among others.
The Udenna Group has exponentially grown for over 15 years. It successfully listed Phoenix Petroleum Philippines, Inc. and Chelsea Logistics Holdings Corp. on the Philippine Stock Exchange in 2007 and 2017, respectively.
