BUSINESSMAN Dennis A. Uy’s Global Gateway Development Corp. (GGDC) has engaged SM Prime Holdings, Inc. to be the first locator in its 177-hectare Clark Global City leasehold in Pampanga.
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