UDENNA Corp. is spending P6 billion to develop infrastructure in Clark Global City, Clark Global City Corp. Vice Chairman Freddie Placino said.
Placino said his group is spending the amount to build roads in the future Clark Global City, a 177-hectare real estate in Pampanga.
“Investments on our side could reach roughly P6 billion for the infrastructure—not the vertical developments—but for roads and drainage to make it resilient for calamities,” he said.
Clark Global City is envisioned to be a modern and sustainable business and transportation hub leveraging on its proximity to the Clark International Airport and to the Subic Freeport Zone.
It is foreseen to be the center of business in Central Luzon and nearby areas. With a regional GDP of 9.5 percent, the area posted the third-fastest growth in 2016.
Clark Global City will complement the government’s ongoing efforts to decongest Metro Manila.
The prime property will also allow locators to enjoy the benefits of the tax privileges of the free-port zone.
“Hopefully before the 29th of January, we could do a launch,” Placino said. Today a total of 47 hectares of roads has been completed.
Udenna got hold of the area earlier in the fourth quarter of 2017, when it purchased the entire outstanding capital stock of Global Gateway Development Corp. Holdings.
The transaction costed about $1 billion, and was approved by the Philippine Competition Commission in October.
SOURCE: Marasigan, Lorenz (2017, December 17). Udenna Spending P6B For Clark Global City Devt. Retrieved from https://businessmirror.com.ph/udenna-spending-₧6b-for-clark-global-city-devt/