MANILA, Philippines — Clark Global City has secured its first anchor locator, SM Prime Holdings Inc., the country’s biggest property developer.
Global Gateway Development Corp. (GGDC) and SM Prime signed a sublease agreement for up to 10 hectares of the former’s 177-hectare leasehold within the Clark Freeport Zone in Mabalacat, Pampanga.
GGDC, a Udenna company, will initially sublease five hectares of Clark Global City to SM Prime. Within the next three years, the property development arm of the SM Group will have the option to take five more hectares.
The subleased space will effectively expand the adjacent retail, office and hotel developments of SM Prime in Clark Freeport Zone.
“Clark Global City provides us another platform to help develop Clark and thereby unlock employment and business opportunities in the region,” said Hans Sy, chairman of the executive committee of SM Prime.
“We will explore more opportunities to contribute to the transformation of Clark as a premier investment destination in Asia-Pacific.”
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.
At present, 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.”