Top property developers eye stake in Clark

The country’s biggest property developers are keen on investing in large-scale projects within the former US air base Clark freeport in Pampanga, seen as a potential growth hub north of Metro Manila.

The SM, Ayala and Gokongwei groups are looking at vast property projects in the Clark freeport zone and Clark special economic zone that may be offered by the government for development under the public-private partnership (PPP) framework.

Recently, tycoon Andrew Tan-led Megaworld Corp. bagged a P7-billion deal with the state-owned Clark Development Corp. to develop up to 550 hectares of the former US military property into a mixed-use complex.

A former US Air Force base, Clark today offers modern infrastructure facilities, generous fiscal and non-fiscal incentives, professional support services, amenities and other perks to industrial and other business locators. The government’s vision is to turn the 4,400-hectare main zone and 27,600-hectare subzone into an airport-driven urban center for high-end IT-enabled industries, aviation and logistics-related enterprises, tourism and other sectors.

“We are interested,” said a high-ranking official from the SM group, which controls the country’s biggest shopping mall developer SM Prime Holdings and a fast-growing high-rise residential developer.

“We are in discussion with them for some opportunities,” an official of Gokongwei-led Robinsons Land Corp. said.

RLC is also a major developer of residential, shopping mall, office and hotel property in the country.

Ayala Land Inc., developer of the Makati central business district and Bonifacio Global City, is also interested to take part in Clark’s development. Industry sources said top Ayala officials recently visited Clark to explore opportunities.

“We are open to participating in projects that will be offered under the government’s PPP program. We continuously evaluate opportunities that are out there to determine if these are aligned with our business objectives and long-term growth plans,” an ALI official said when asked about the company’s prospective participation in Clark.

The Ayala and SM groups are also among those that have expressed interest in assets to be bid out by the government such as the privatization of a 300-hectare property in Lapu-Lapu City where the present Mactan-Cebu International Airport is located.

These big property developers are also seen as eager to participate in Clark’s development on expectations that the Diosdado Macapagal International Airport could soon be developed as the main international gateway to the country given the geographical limitation of expanding the Ninoy Aquino International Airport in Metro Manila.