Property developer SM Prime Holdings Inc. signed a sublease agreement with Global Gateway Development Corp. of businessman Dennis Uy to develop 10 hectares in Clark Freeport Zone in Pampanga province.
GGDC, the owner and developer of a 177-hectare mixed-use development in Clark, said in a statement SM Prime would initially sublease five hectares of Clark Global City, with an option to lease another five hectares within the next three years.
The subleased space will expand the adjacent retail, office and hotel developments of SM Prime in Clark Freeport Zone. SM has a shopping mall along M.A. Roxas Ave. in Clark Freeport, Angeles City.
“Clark Global City provides us another platform to help develop Clark and thereby unlock employment and business opportunities in the region,” said SM Prime executive committee chairman Hans Sy.
“We will explore more opportunities to contribute to the transformation of Clark as a premier investment destination in Asia-Pacific,” he said.
Clark Global City is a master-planned development with a buildable area of more than 123 hectares. It will host top-grade office buildings, up-market retail outlets, contemporary academic centers, sports centers, an urban park, an iconic tower, a hotel and casino and modern support services and amenities.
Clark Global City is home to a 173-bed hospital under The Medical City brand along with two fully leased out Grade A office buildings.
The existing office buildings, with 57,000 square meters of leasable office and retail spaces, form part of a complex called West Aeropark. Three more buildings, which have been pre-leased, are under construction at the site.
“Having SM Prime as one of our anchor locators boosts our efforts in developing Clark Global City as the country’s new center of business, life and innovation,” GGDC chairman Dennis Uy said.
“We look forward to welcoming more companies and investors as partners in realizing our vision for Clark Global City, which we believe will translate to more jobs and better living conditions for our fellow Filipinos,” Uy said.
GGDC is wholly-owned subsidiary of Udenna Development Corp., the real estate and property development arm of one of the fastest-growing holding companies in the Philippines ― Udenna Corp.