Megaworld to develop 550-ha Clark property

MANILA, Philippines - Megaworld Corp. inked yesterday an agreement with Clark Development Corp. for the development of up to 550 hectares of property within the Clark Special Economic Zone into a vast mixed-use complex that will require an investment of at least P7 billion.

In a disclosure to the Philippine Stock Exchange, Me-gaworld said the project will feature office, commercial, retail, leisure and entertainment, residential and health and wellness components that can cater to foreign and local business process outsourcing locators, retirement communities and tourism enterprises.

This is among the five projects earlier identified by CDC that would kick off next year in line with the government’s bid to become a major investment and tourism destination in Asia.

These projects are estimated to cost over P20 billion.

The CDC has also set aside 200 hectares for the proposed Clark STAR, (Sports, Training, Amusement and Recreation) at the sprawling Clark Highlands.

According to the CDC, Clark STAR would be an ideal site for transport terminal, wakeboarding complex, soccer stadium, hotels and villas, athletes’ dormitories, nature and theme park, swimming center, boulevard and promenade, and athletes’ training ground.

The third project is the Clark Highlands, formerly known as the Next Frontier located at the Sacobia Valley. It covers 10,684 hectares of land adjacent to the Clark Freeport and will be developed into ICT parks, residential, light-industrial, agro-industrial, and tourism and leisure projects.

The fourth project is Donggwang Clark Corp.’s $200-million tourism related project, slated for completion in April 2012. It includes the Clark Sun Valley Golf Course at the main zone of the freeport. The Korean company will transform a 304-hectare property into residential villas, water theme park and various amenities. Complementing it is a 10-story office and residential building-the biggest in Clark.

Also expected to be completed by April 2013 is the proposed CDC Corporate Building, which will consolidate various departments and offices in one modern, environment-friendly structure. Facilities for morale, welfare and recreation such as fitness gym, multi-purpose function hall, clinic and a chapel will also be included in the building’s various amenities.