In a statement issued Wednesday, GGDC said it has signed a sublease
agreement with Sy-led SM Prime for up to 10 hectares inside the Clark
Freeport Zone.
“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,” Mr. Uy said.
Under the deal, GGDC will sublease an initial five hectares to SM
Prime. The SM Group will then have the option of taking up five more
hectares within the next three years.
“Clark Global City provides us another platform to help develop Clark
and thereby unlock employment and business opportunities in the
region,” GGDC quoted SM Prime Chairman Hans T. Sy as saying in a
statement.
The subleased space will allow SM Prime to expand its adjacent
developments in the area, which includes SM City Clark, a four-storey
retail and office building for business process outsourcing firms, and
the Park Inn Hotel.
“We will explore more opportunities to contribute to the
transformation of Clark as a premier investment destination in
Asia-Pacific,” Mr. Sy said.
Earlier this year, Mr. Uy’s group secured the government’s approval
for the lease rights of Clark Global City for a total of 75 years. This
came after the group’s $1-billion acquisition of the growing logistics
hub in 2017.
Since the start of its development, the master planned development
already has a 173-hospital bed carrying the Medical City brand and two
fully-leased out Grade A office buildings covering around 57,000 square
meters of leasable office and retail spaces. The buildings form part of
the West Aeropark complex.
Mr. Uy’s group is currently constructing three more buildings in the office complex, all of which have been pre-leased.
“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,” Mr. Uy said.
GGDC’s parent, Udenna Development Corp., earlier said it plans to
invest $6 billion for the development of Clark Global City. This
includes the construction of more office buildings, residential
developments, hotels, hospitals, schools, transport terminal, sports
center, and a casino and entertainment complex. — Arra B. Francia
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