Wednesday, October 24, 2018
Close  
  • share this

Duterte pal continues expansion, buys 177-ha Clark property

/ 05:38 AM November 18, 2017

Dennis Uy

Businessman Dennis Uy is planting the flag in the Clark Freeport Zone in Pampanga province, expanding a growing business empire spanning Visayas and Mindanao.

Uy’s Udenna Group announced on Friday its strategic acquisition of a 177-hectare property in Clark after buying out Global Gateway Development Corp. Holdings. The deal closed last Nov. 14, the group said.

ADVERTISEMENT

The Clark Freeport Zone, which has an international airport, has gained increasing focus during the Duterte administration, which is also planning to build a railway link between Manila and Clark.

According to Udenna, the property would be renamed to Clark Global City. Apart from nearby infrastructure, it said locators would enjoy tax benefits from the Freeport Zone and anchor projects such as Medical City. It will have more than 52,000 square meters of office spaces, which are ready for occupancy.

FEATURED STORIES

“Udenna envisions the master-planned development as a modern and sustainable business and transportation hub leveraging on its proximity to the Clark International Airport and to the Subic Freeport Zone,” the company said.

“It is foreseen to be the center of business in Central Luzon and nearby areas. With a GDP (gross domestic product growth) 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,” it added.

Adel Tamano, Udenna’s vice president for corporate communications, said the Clark project would support the rest of Uy’s business lines.

These include Phoenix Petroleum Philippines, Chelsea Logistics Holdings Corp. and FamilyMart, Other recent acquisitions include Enderun and The Emerald Resort Hotel and Casino, which is being built in Cebu.

“Through this strategic acquisition, aligned with our business plans, we aim to support the country’s business process outsourcing, logistics, manufacturing, tourism and housing sectors,” Tamano said.

ADVERTISEMENT
Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, News
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2018 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.