[ bworldonline.com ]
In a statement issued over the weekend, Global Gateway Development Corp. (GGDC) said it has signed a memorandum of agreement with Suyen Corp. for the sublease of a 2,886-square meter (sq.m.) property in Clark Global City.
Suyen Chairman and Chief Executive Officer Ben Chan said they plan to build an office tower for lease in the property, banking on the strong demand for office spaces in the rising business district outside Metro Manila.
“We’re bullish on the Philippine economy and seeing how it’s slowly but surely extending to key cities outside of Metro Manila,” GGDC quoted Mr. Chan as saying in a statement.
Suyen had developed Bench Tower, a mixed-use, high-rise building in Bonifacio Global City, Taguig. The 24-storey building houses the firm’s corporate offices and office spaces for lease.
“Our government has been working hard to promote Clark and to make it much more accessible. There’s a lot that’s been done to develop Clark and even more that can be done to help it reach its full potential, so it’s not hard to see it becoming the next big metropolis it’s poised to be,” Mr. Chan added.
GGDC has been partnering with several firms to develop parts of Clark Global City, in line with its vision to transform the former military base into a business district.
So far, the company has inked a sublease agreement with SM Prime Holdings, Inc. for retail, office, and hotel projects. It has also recently signed a memorandum of agreement with Century Properties Group, Inc., which plans to develop an affordable housing project.
“Through Clark Global City, we hope to attract more businesses and investors to expand in the Philippines and thereby create more and better employment opportunities for our countrymen. With our partners, we look forward to realizing our vision as soon as possible,” GGDC Chairman Dennis A. Uy said in a statement.
GGDC is a wholly owned unit of Mr. Uy’s property firm Udenna Development Corp. It took over Clark Global City in 2017, after it secured the lease rights for the 177-hectare property for the next 67 years.
Clark Global City has a buildable area of more than 109 hectares, which is envisioned to host top-grade office buildings, upscale retail outlets, academic centers, sports centers, an urban park, an integrated resort casino, as well as support services and amenities.
The property is also seen to benefit from the construction of several infrastructure projects, including the expansion of the Clark International Airport, the NLEX-SLEX Connector Road, the Subic-Clark Cargo Railway, and Philippine National Railway North Railway. — Arra B. Francia
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