Udenna group investing $6B in Clark Global dev’t

A subsidiary of Udenna Corp. will spend $5 billion to develop Clark Global City in Pampanga, on top of the $1 billion it shelled out to acquire the 177-hectare lot, company officials said.

Clark Global City Corp. yesterday presented an update on its project, saying 47 hectares of the property had already been completed with “world-class horizontal infrastructures.”

Wilfredo Placino, vice chair of Clark Global City Corp., said the company would spend $5 billion for the project’s 10-year development plan.

In previous media reports, Placino was quoted pegging the number at P6 billion. On the sidelines of a briefing yesterday, he clarified that the cost would be $6 billion, including the cost of the land acquisition.

In a statement, the company said the city would host top-grade office buildings, up-market retail outlets, contemporary academic centers, sports centers, an urban park, an iconic tower, a hotel and casino, and modern support services and amenities.

So far, the completed vertical infrastructure includes 173-bed hospital under The Medical City brand and two top-grade office buildings with 57,000 square meters of leasable office and retail space.

Prospective local and foreign locators may sublease lots, lease buildings and structures or lease office, commercial and parking spaces, according to a company statement. During the press briefing, Placino said that they expected to close the deal with nine local locators in the next three months.

“In the next three months, we’ll most probably be closing most of the [nine deals]. Those are local. After this media launch, we intend to do our road shows overseas and that’s another market that we would like to tap,” he said.

He said they would be pitching Clark Global City to potential locators in Hong Kong, China and Japan next month.