This week, the Udenna Development Corporation (UDEVCO) began work on ‘The New Center,’ a new central business district in Clark Global City in the Philippines’ Clark Freeport Zone (CFZ). It’s part of a 10-year plan that will see UDEVCO inject more than $5 billion into the area, including the construction of a casino and an entertainment complex, according to local media reports.
Udenna’s Chairman and CEO, Dennis Uy, said of the investment, “We are developing what will become the Philippines’ new center of business, life and innovation,” adding that the group had just acquired 177 hectares (437 acres) in the CFZ. He further stated, “Clark Global City will offer a global business destination and spur economic transformation outside of Metro Manila, complementing the government’s efforts to spread growth across the country.”
Clark Global City will be the home of top-grade office buildings, academic and sports centers, upscale retail markets and a hotel and casino. There will also be a large entertainment complex with the possibility of another casino being added by a different Udenna subsidiary.
The development, due to its location inside the CFZ, is perfect to offer an ideal economic, regulatory and operating environment. It offers direct access to Clark International Airport, located 10 minutes away. A new terminal at the airport is currently being built and, when complete, will provide a direct link to the road that leads to the development.
Uy has been working to attract additional developers to invest at Clark Global City. Company officials are in negotiations with nine different local and foreign companies, and executive plan a trip for Hong Kong, Tokyo and Beijing to try and drum up more investment support. “We hope Clark Global City will help pave the way for more companies in various industries to invest in the Philippines and, subsequently, create more employment opportunities for Filipinos,” explained Uy.
Udenna was incorporated in the Philippines in 2002 and is one of the fastest growing holding companies in the country. Its portfolio includes a $300-million integrated resort in Mactan, Cebu, an office tower in Bonifacio Global City and, now, the expansive complex in Clark Global City. Additionally, through its Phoenix brand, it distributes and sells petroleum products and lubricants and is involved in shipping and logistics through a subsidiary, Chelsea Logistics Holdings Corp.