Clark Global City Corp., an affiliate of Udenna Corp., the holding company of Davao City-based businessman Dennis Uy, plans to invest an initial P6 billion to develop a 177-hectare land in Clark Freeport Zone into a new central business district.
“[We are initially spending] P6 billion on our side. This is for roads, drainage and other development,” Freddie Placino, vice chairman of Clark Global City Corp., said.
“What we will do is like BGC [Bonifacio Global City]. We develop it horizontally and let the other developers participate in developing vertically. Whatever mistakes in BGC [or] Makati, we’re correcting for [Clark Global City]. We will do [it] in phases over 10 years,” Placino said.
Placino said of the 177-hectare property of Clark Global City, 47 hectares were fully developed by the previous owner―Global Gateway Development Corp.
Potential locators of Clark Global City include multinational logistics companies, international schools, hotels, convention centers and business process outsourcing companies, he said.
CGCC completed the acquisition of Global Gateway Development Corp., a company based in Cayman Islands on Nov. 14, with Bank of China, BDO Unibank Inc. and Philippine National Bank as its financial partners.
Aside from Clark Global City, Uy earlier acquired Chelsea Shipping Corp., 2Go Group Inc., Petronas Energy Philippines and Enderun Colleges Inc.
He also plans to acquire the Family Mart convenience stores franchise with 67 stores from SSI Group of the Tantocos and Ayala Land Inc.
Uy’s Chelsea also acquired more vessels as it pursued its goal to become the country’s prime mover of vital goods, cargoes and people.
Chelsea’s unit Trans-Asia Shipping Lines Inc. in July purchased a 6,348-gross-register-ton cargo vessel called MV Orient Spirit. The vessel, which has a capacity of 400 twenty-foot equivalent units, will be in operation by the first quarter of 2018 and ply the Manila-Cebu-Manila route.
The company also acquired Starlite Ferries Inc., a roll-on, roll-off and passenger ship operator in Batangas and other routes, to strengthen its position in the Southern Luzon (Batangas)-to-Northern Visayas (Calapan, Odiogan, Roxas) route.
Uy said he was open to listing his other companies at the Philippine Stock Exchange over the next couple of years, but did not name which companies would be listed with the local bourse.
Uy now has three listed firms, including 2Go Group Inc., oil company Phoenix Petroleum Philippines Inc. and Chelsea Logistics Holdings Inc.