Singapore’s Capilion to invest P7 B in Clark

MANILA, Philippines - Singapore-based Capilion Corp. Pte. Ltd. has committed to provide P7 billion for the development of a mixed use facility located in the Clark Freeport Zone.

In a statement yesterday, Clark Development Corp. (CDC) said the commitment was made by Capilion Corp. under a long-term lease agreement signed by the two parties recently.

The mixed use facility, covering three hectares, is ideal for the use of business process outsourcing, residential, commercial as well as retail enterprises.

Based on Capilion Corp.’s timeline, the development of the mixed use facility would be done in three phases and is expected to be completed by end-2018.

Following the signing of the agreement by CDC president Arthur Tugade and Capilion Corp. president and chief executive officer Peter YB Tay, the Singaporean firm provided CDC demand drafts amounting to almost $4.9 million or approximately P215 million to represent the advance lease, security deposit and performance security for the property.

The amount includes Capilion Corp.’s reservation for another area covering 8,639 square meters adjacent to its property.

The firm likewise provided CDC a bank certification for P2 billion to be used for the development of the property.

“This will be the biggest contract to be signed by the new administration in terms of employment generation with a projection of 75,000 that can be accommodated within seven years,” Tugade said.

 â€œOur target of breaking the 100,000 employee barrier by the year 2016 is projected to be broken by 2015 because of the entry of Capilion to Clark,” he added.

Capilion Corp. was established in 2006 in Singapore to serve as an international private equity and corporate finance advisory firm.