Clark Development Corp. (CDC) and SM Prime Inc. yesterday signed a deal for a P3.2-billion infrastructure project inside Clark Freeport Zone.
The lease agreement was signed by Manuel Gaerlan, CDC president and chief executive officer, and Jeffrey Lim, SM Prime president, for the establishment of an intermodal transport terminal and office tower in the freeport.
According to the CDC-Business Development and Business Enhancement Group (BDBEG), Premiere Clark Complex Inc. (PCCI), a unit of SM Prime, will develop the terminal on a 23,955-square meter area located at the Southern Gateway District of the freeport.
The terminal will be a four-storey building that includes ancillary facilities such as waiting area for passengers, restrooms and other services required for an intermodal transportation system. COVID-related safety protocols and guidelines will also be implemented at the site.
PCCI committed a P2-billion investment for the terminal’s development, and it is expected to provide 1,000 job opportunities during the construction.
An additional P1.2 billion for the creation of an office tower near the terminal was also pledged by PCCI. The development of this facility will generate a total of 800 jobs in the course of its construction and 1,000 direct employment during its operations.
The establishment of the transportation terminal is intended to provide a sufficient number of departure bays for various modes of transportation such as public utility buses and jeepneys, bus rapid transport, shuttle services and taxis, among others.
CDC said all public transportation operating within the zone will be given priority.
CDC and PCCI are set to finalize a Traffic Impact Assessment (TIA) within 30 days from the signing of the lease agreement. Since the intermodal transportation terminal is considered a high traffic impact project, a real-time simulation model using the TIA will also be evaluated.
CDC has also coordinated with the Metro Clark local government units about the development of the project.
