(Global Gateway Development Corp. (GGDC) and W Group sign a Memorandum of Agreement on February 28 to sublease 21,918 square meters in Clark Global City. In photo are (L-R) GGDC vice-chairman and president Wilfredo A. Placino; GGDC chair Dennis A. Uy; W Group, Inc. president Norman Vincent Wee; and W Group, Inc. CEO Francis Augustus L. Wee. Contributed Photo)
CLARK FREEPORT — The holding company of one of the leading business groups in the country’s seaweed and carrageenan, investment and real estate industries has signed a memorandum of agreement (MOA) with the Global Gateway Development Corp. (GGDC).
The W Group, Inc. signed a MOA on February 28 to sublease 21,918 square meters in Clark Global City (CGC) which is a sprawling 177-hectare property managed by GGDC, a subsidiary of the Udenna Group.
“We are honored to welcome W Group, Inc. as another key addition to the trusted names that will transform CGC as the next prime business district in Luzon,” GGDC chair Dennis A. Uy said after the signing.
“Considering their expertise in developing office buildings that demonstrate optimum functionality without sacrificing fine taste for visual appeal, having W Group onboard doesn’t just promise opportunity creation but aligns with CGC’s goal of reinventing spaces that fuel productivity and off er worklife balance,” he stated.
As an off shoot of the agreement, the Taguig-hailing real estate company will develop a mix of office and commercial spaces. This does not only mark W Group’s first venture outside of Metro Manila, but the firm’s first project outside of Bonifacio Global City (BGC) where the group has championed six projects: W City Center, W Fifth Avenue, W Global Center, W High Street, Citibank Plaza by WBGC, and the W Tower.
“After completing our developments inside BGC, we realized it’s high time to venture to other areas especially when land is becoming scarce,” W Group president Norman Vincent L. Wee said.
“We have bright prospects for Clark. We believe it is the next big metropolis and we are looking forward to bringing our expertise of building state-of-the-art office and commercial spaces that inspire creativity and productivity,” Wee said.
Similar to BGC, Clark Global City is inside a former military base currently being transformed into the country’s next big metropolis and primed as the answer to Metro Manila’s congestion.
W Group is banking on the phenomenal growth of Central Luzon, which has historically been the third largest contributor to the country’s GDP growth; and the Clark International Airport, which is currently undergoing a terminal expansion project to increase its capacity to 12 million passengers annually to be the gateway for various brands nesting inside CGC at the forefront of a global business market.
With a buildable area of more than 109 hectares, CGC will host topgrade office buildings, up-market retail outlets, contemporary academic centers, sports centers, an urban park, an iconic tower, an integrated resort and casino, and modern support services and other amenities.
CGC was previously envisioned as an aviation- focused logistics park exclusively developed by GGDC. When the Udenna Group took over in 2017, it renewed its lease agreement over the estate to run until 2085 and amended the masterplan with a vision of developing the area as the next Central Business District – maximizing allowable building heights and floor area ratios, opening additional access points, right-sizing the lot cuts to the needs of the market, and welcoming local partners in developing the leasehold.
“We believe it is strategic for both parties to form this agreement. Having W Group in CGC highly aligns with our vision of providing efficiency-conducive spaces for a new breed of professional workforce,” Uy said.
