Capilion commits to invest P7B to develop Clark lot
MANILA, Philippines — Singapore-based Capilion Corp. Pte. Ltd. has committed to invest P7 billion for the long-term lease and development of a three-hectare lot at the Clark Freeport in Pampanga.
In a statement issued Monday, Clark Development Corp. (CDC) said Capilion has been planning to develop the area as a mixed-used facility that could be used for business process outsourcing (BPO), residential, commercial, and retail enterprises. The proposed development will be completed in three phases by the end of 2018.
“This will be the biggest contract to be signed by the new administration in terms of employment generation with a projection of 75,000 that can be accommodated within seven years,” noted CDC president Arthur Tugade.
Capilion Corp. was established in 2006 in Singapore to act as an international private equity and corporate finance advisory firm. It is part of the Capilion Group of Companies, Capilion Financial Ltd. and Capilion RE Engineering Ltd.
The Capilion Group has businesses involved in private equity, corporate services, real estate, financial securities, ship ownership, shipping and shipbuilding, infrastructure development and clean and renewable energy projects.
It also has various stakes in different countries such as securities industry in Indonesia, ferry project in China, biofuel in Indonesia, infrastructure in Kyrgyzstan, monorail project in India, and various other real estate projects in Southeast Asia.
Following the signing of the agreement, Capilion presented to CDC demand drafts worth $4.9 million (approximately P215 million) to represent the firm’s advance lease, security deposit and performance security plus a reservation for another 8,639 square meters adjacent to its property.
Capilion also presented a bank certification confirming the firm’s fund of P2 billion for the property development in Clark.
According to CDC, the agreement signed by Capilion required the Singapore firm to sign an anti-graft undertaking and exert effort to hire indigenous people (IP) and persons with disabilities.