(The Philippine Star) | Updated November 18, 2017 - 12:00am
MANILA, Philippines — Dennis Uy’s Udenna Group is developing a new central business district within the Clark Freeport Zone following its acquisition of a 177-hectare prime property in the area.
Udenna envisions the master-planned development as a modern and sustainable business and transportation hub, which will leverage on the area’s proximity to the Clark International Airport and to the Subic Freeport Zone.
Through the acquisition, Uy is expanding his real estate portfolio, with the property foreseen to be the center of business in Central Luzon and nearby areas.
Udenna vice president for corporate communications Adel Tamano said the development is another venue for synergistic growth of the group’s diverse business interests which include oil and gas through Phoenix Petroleum, shipping and logistics through Chelsea Shipping and 2Go and retail through FamilyMart.
“Through this strategic acquisition, aligned with our business plans, we aim to support the country’s business process outsourcing (BPO), logistics, manufacturing, tourism and housing sectors,” Tamano said.
Clark Global City Corp. (CGCC), a wholly-owned subsidiary of Udenna Development Corp. (Udevco), acquired the entire outstanding capital stock of Global Gateway Development Corp. Holdings.
The property will be rebranded as “Clark Global City,” where locators will enjoy, among others, the benefits of the tax privileges of the freeport zone, easy access to the SCTEX/NLEX interchange, proximity of the Clark International Airport, and anchor projects such as Medical City and 52,000 square meters of premium office spaces which are ready for occupancy.
Last month, the Philippine Competition Commission, the government institution that is mandated to review mergers and acquisitions worth at least P1 billion, approved the acquisition by Udevco.
CGCC completed the acquisition last Nov. 14, with Bank of China, BDO and PNB as its financial partners.
Uy is a Davao-based tycoon who is a known ally and campaign donor of President Duterte.
Since last year, Uy has been on an aggressive buying spree. He recently bought Enderun Colleges.
He is also building an integrated hotel and casino resort in Cebu.
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