Global Gateway Development Corp. (GGDC) and Suyen Corporation signed a memorandum of agreement on January 30, 2019 for the sublease of 2,886sqm at the 177-hectare Clark Global City. In the photo are (left to right) GGDC Vice-Chairman and President Wilfredo A. Placino; GGDC Chairman Dennis A. Uy; Suyen Chairman and Chief Executive Officer Ben Chan; and Suyen Vice President for Business Development Bryan Lim.
Suyen Corporation, the group behind the Bench brand, is expanding its footprint in the real estate business with an investment in Clark Global City.
On January 30, Suyen and Global Gateway Development Corp. (GGDC) of the Udenna Group signed a memorandum of agreement for the sublease of 2,886sqm at the latter’s 177-hectare leasehold within the Clark Freeport Zone in Mabalacat, Pampanga.
“We thank Suyen for choosing to invest in Clark Global City and for sharing our vision for a central business district that will create more opportunities for Filipinos beyond the country’s major cities that have become highly congested,” GGDC Chairman Dennis A. Uy said.
Suyen plans to build an office tower for lease in Clark Global City, which has been attracting the biggest demand for office spaces outside of Metro Manila.
Leechiu Property Consultants has cited Udenna’s master-planned development as the main driver of office demand in Clark, the second-largest office market in the Philippines amid the government’s push to transform the former military base into a modern and disaster-resilient metropolis.
“We’re bullish on the Philippine economy and seeing how it’s slowly but surely extending to key cities outside of Metro Manila,” Suyen Chairman and CEO Ben Chan noted.
“Our government has been working hard to promote Clark and to make it much more accessible. There’s a lot that’s been done to develop Clark and even more that can be done to help it reach its full potential, so it’s not hard to see it becoming the next big metropolis it’s poised to be.”
Clark Global City is among the four major investment districts in Clark, a former military base being transformed into the country’s next big metropolis as part of efforts to decongest Metro Manila and make the economy’s growth inclusive.
The development is positioned to become the central business district in Clark, given its strategic location in a freeport zone; proximity to major infrastructure developments such as the expansion of the Clark International Airport, NLEX-SLEX Connector Road, Subic-Clark Cargo Railway and PNR North Railway; and access to young and highly skilled talents.
With a buildable area of more than 109 hectares, it will host top-grade office buildings, up-market retail outlets, contemporary academic centers, sports centers, an urban park, an iconic tower, in integrated resort and casino, and modern support services and amenities.
“Its sophisticated design addresses common issues such as pollution, traffic, and disaster preparedness, making Clark Global City, in not so many words, an ideal place to put down roots,” Mr. Chan said.
“There is also, of course, trust in Dennis Uy and the Udenna Group. There are brilliant minds and capable hands working behind this development, so we are confident that it will be a success.”
Clark Global City was previously envisioned as an aviation-focused logistics park exclusively developed by GGDC. When it took over in 2017, Udenna welcomed local partners to develop it into a central business district. The group has since signed a sublease agreement with SM Prime Holdings, Inc. and a memorandum of agreement with Century Properties Group, Inc. for a joint venture.
“We see the significant role of Clark Global City in helping sustain and even accelerate our economy’s growth,” Mr. Uy said.
“Through Clark Global City, we hope to attract more businesses and investors to expand in the Philippines and thereby create more and better employment opportunities for our countrymen. With our partners, we look forward to realizing our vision as soon as possible.”
ABOUT GLOBAL GATEWAY DEVELOPMENT CORP.
Global Gateway Development Corp. is the owner and developer of Clark Global City. It is a wholly owned subsidiary of Udenna Development (UDEVCO) Corp., the real estate and property development arm of one of the fastest-growing holding companies in the Philippines — Udenna Corporation.
Incorporated on March 19, 2002, Udenna Corporation is at the helm of the diversified business interests of the Udenna Group in petroleum and oil through Phoenix Petroleum; shipping and logistics through Chelsea Logistics; real estate through Udenna Development; education through Enderun Colleges; and infrastructure through Udenna Infrastructure, among others.
The Udenna Group has exponentially grown for over 15 years. It successfully listed Phoenix Petroleum Philippines, Inc. and Chelsea Logistics Holdings Corp. on the Philippine Stock Exchange in 2007 and 2017, respectively.
ABOUT SUYEN CORPORATION
Suyen Corporation is the leading lifestyle retailer in the Philippines and the region. More popularly known for its Bench brand, the company started with a small store selling men’s t-shirts in 1987. It has since grown at an unparalleled rate by being the pioneer in the use of celebrity endorsers, television and giant billboards to propel a fashion brand that offers premium quality products at affordable prices.
To date, Bench has grown to include a ladies’ line, underwear, fragrances, housewares, snacks, and a wide array of other lifestyle products, with the distinction of being present in virtually every retail space in the Philippines, and with a worldwide network of stores and outlets, reaching as far as the United States, the Middle East, and China.
Suyen’s growing portfolio also includes a mixed-use, high-rise building called Bench Tower in Bonifacio Global City in Taguig. The 24-story building houses the company’s corporate offices and also offers office spaces for lease.