SM buys into Clark development

Dennis A. Uy of Global Gateway Development Corp. (GGDC) has signed a sublease agreement with SM Prime Holdings, Inc. This makes the Sy-led company the first locator in the 177-hectare Clark Global City leasehold in Pampanga.

According to a statement issued on Wednesday, the SM Group will be leasing up to ten hectares inside the Clark Freeport Zone. Uy said having SM Prime on board will boost efforts in developing Clark Global City as the country’s “new center of business, life, and innovation.”

SM Prime Chairman Hans T. Sy echoes a positive note as well saying Clark Global City will contribute in further developing Clark and providing employment and business opportunities in the region.

A city of new opportunities

Under the agreement, GGDC will initially sublease five hectares to SM Prime. The SM Group will then be given the option to take up five more hectares in the next three years.

The subleased space will enable SM Prime to expand its other developments in the area including SM City Clark and the Park Inn Hotel.

Apart from establishments by the SM Group, Clark Global City also has a 173-bed hospital carrying the Medical City brand. There are also two fully-leased out Grade A office buildings that span over 57,000 square meters of leasable office and retail spaces. These buildings are part of the West Aeropark complex.

Uy said they are currently constructing three more buildings in the office complex, which have already been pre-leased.

“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,” he said.

via Business World / Arra B. Francia