Property company inks deal to expand in Clark Global City

May 1, 2019 | 12:06 am [ bworldonline.com ]

GLOBAL Gateway Development Corp. (GGDC) said it signed a deal with Proactive Properties Development Corp. (PPDC) which involves the latter building a commercial center and office tower in Clark Global City. In photo are GGDC Chairman Dennis A. Uy and Prime Philippines President and CEO Jettson Yu. — COMPANY HANDOUT

THE developer of Clark Global City (CGC) will sublease about two hectares of land to businessman Jettson Yu, who plans to build an office tower and retail hub.

In a statement Tuesday, Global Gateway Development Corp. (GGDC) said it has signed a memorandum of agreement with Proactive Properties Development Corp. for the sublease of a 2,208-square meter lot in CGC.

Proactive Properties plans to develop the land in two phases, with the first phase to include a commercial center with international retail shops. The second phase will cover the development of a 12-storey office building that will cater to international companies looking for tax incentives. 

The company aims to take advantage of the demand for more office and retail spaces in Central Luzon within the next five years.

“Its growing and talented population of more than 2.1 million only shows that a minimum of 300,000 square meters of office locations and 200,000 square meters of commercial retail spaces will be needed within the next five years,” GGDC quoted Mr. Yu as saying in a statement.

Mr. Yu also owns real estate consulting group Prime Philippines.

“Having Proactive Properties onboard in our endeavor of building CGC as a new central business district aligns with our mission of building this generation’s new center of commerce, life and innovation,” GGDC Chairman Dennis A. Uy said in a statement.

Several locators have previously signed agreements with GGDC, including DataLand, Inc., Suyen Corp., SM Prime Holdings, Inc., and Century Properties Group, Inc.

GGDC is aiming to transform CGC into a new business hub outside Metro Manila. Its masterplan includes top-grade office buildings, upscale retail outlets, academic centers, sports centers, an urban park, an integrated resort and casino, and modern support services and amenities.

GGDC is a wholly owned subsidiary of Udenna Development Corp., the property arm of Mr. Uy’s Udenna Corp. The Udenna Group also has interests in petroleum and oil, logistics, infrastructure, education, and convenience stores, among others. — Arra B. Francia

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