July 18, 2018, 6:27 pm
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P6B set for Clark ala BGC

Clark Global City Corp. (CGCC), an affiliate of Udenna Corp., plans to infuse an initial investment of P6 billion for the development of the 177-hectare land located within the Clark Freeport Zone in Pampanga. 

Freddie Placino, CGCC vice chairman, said the initial investment would be spent for roads, drainage and other development of Clark Global City. 

Clark Global City would be developed in phases over 10 years, similar to Bonifacio Global City (BGC). 

“What we will do is like BGC. We develop it horizontally and let the other developers participate in developing vertically,” Placino said, but stressed that “whatever mistakes in BGC, Makati, we’re correcting for (Clark Global City).” 

The Udenna Group has acquired the entire outstanding capital stock of GGDC Holdings, a company incorporated in the Cayman Islands and the majority shareholder of Global Gateway Development Corp., which holds the leasehold rights to the 177-hectare land within the Clark Civil Aviation Complex in Clark Freeport Zone where the Global Gateway Logistics City is now located.

Last October, the Philippine Competition Commission approved the $1-billion deal between Udenna and GGDC Holdings. 

The project is a long-term lease of over 50 years. 

Placino said of the 177 hectares, 47 hectares are fully developed by GGDC.

Udenna, led by Davao businessman Dennis Uy, has diverse business interests including petroleum, shipping, real estate/property development and waste management 

The company’s other subsidiaries include Phoenix Petroleum; Chelsea Logistics Holdings Corp.;Udenna Development Corp., the real estate and property development group; and UdennaManagement & Resources Corp., the environmental, trading and distribution group. (M. Iglesias)
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