Dennis Uy firm aims for BGC-like transformation of vast Clark hub
Dennis Uy’s Udenna Corp. is transforming a 177-hectare property near the Clark International Airport into a new center of commerce akin to the Bonifacio Global City in Taguig, Metro Manila.
Freddie Placino, vice chair of Udenna-controlled Clark Global City Corp., revealed plans last week to initially spend P6 billion to develop the “horizontal” infrastructure on the property, such as roads and drainage pipes.
The group was planning to partner with builders to develop the property, located around 10 minutes from Clark Airport, which the Duterte administration has committed to expand.
“What we will do is like BGC. We develop it horizontally and let the other developers participate in developing vertically,” Placino said.
He said the public launch of the project was slated for January 2018. A road show for investors would be held thereafter.
Udenna recently acquired the company alongside the rights to the long-term lease of the property, which would be called Clark Global City.
That deal was valued at $1 billion, Placino said. The transaction was supported via loans from Bank of China, BDO Unibank Inc. and Philippine National Bank.
So far, around 47 hectares of Clark Global City have been developed and are “ready to be taken over” by possible builders, according to Placino.
He said they have ambitious goals for the property, which would be developed over a decade.
Part of the group’s vision was for Clark Global City to have an iconic building, such as Dubai’s Burj Khalifa, the tallest structure in the world. The group also dreams of a mass transport seen in the best cities around the globe.
Clark Global City is in step with the administration’s focus to shift congestion away from Metro Manila to nearby provincial areas. Clark is a priority area, given existing infrastructure, such as its international airport.
The Bases Conversion and Development Authority is tapping contractors to build a new passenger terminal in Clark Airport that would increase capacity from four million passengers to 12 million passengers annually by 2020.
To help connectivity, the Duterte administration is pursuing a 106-kilometer train line that would link Manila and Clark by 2022. The train project, to be funded by loans from the Japanese government, would cost over P300 billion.
