Conflict that froze $5-B Clark investment resolved

    173
    0
    SHARE
    CLARK FREEPORTThe long-standing conflict that froze a $5-billion project here has finally been resolved after the feuding Global Gateway Development Corporation (GGDC) and Peregrine Development International Inc. (Peregrine) resolved their differences.

    The GGDC announced this yesterday as it expressed confidence in the full blast development of its $5 billion Sabah Al-Ahmad Global Gateway Logistics City project here.

    It said it has “amicably resolved differences regarding the end of their (Peregrine’s) engagement.” GGDC President Mark Williams and Peregrine President Dennis Wright both expressed satisfaction over the settling of issues that caused conflict between them and that they were now “separately moving forward.”

    The GGDC initially hired Peregrine as manager and developer of the logistics city project since 2006, but fired it last year over some issues.

    Peregrine, however, refused to vacate the project premises, as it cited violation of contract between them. This froze most of the projects lined up at the logistics city.

    GGDC quoted Peregrine as finally moving out of the logistics city in order to “continue its design, engineering and construction work in support of its US Government contracts as well as its other commercial, residential, hotel, restaurant and related interior fit-out projects in Manila and Central Luzon.”

    GGDC has invested over $100 million in the logistics city, with another $150 million eyed for more investments afoot in the area by the end of this year.

    The world-class horizontal infrastructure projects in the area include over 30 hectares of fully developed lot inventory and The Medical City-Clark, a world-class 20,000 square-meter hospital that provides state of the art medical services for Central Luzon folk.

    GGDC said that its “state-of-the-art, master-planned mixed-use logistics city and business center will break ground on five office towers having a gross floor area of 142,000 square meters, in addition to a retail and gas plaza by the end of 2015.”

    “These complexes will create great employment opportunities for thousands of Filipinos from the region,” it said.

    GGDC also reported that “the whole GGLC project will provide direct employment to well over 3,000 construction and trade workers at the peak of the project’s development.”

    It added that “once completed, the project will generate employment opportunities to over 300,000 workers with US$600 million in annual payroll for entry-level employees alone.

    “We thank Peregrine for the services they have rendered and wish them the best and more power in their projects in the Philippines and overseas,” said Williams.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here