Clark Global City
Clark Global City | |
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| Coordinates: 15°10′42.2″N 120°34′34.5″E / 15.178389°N 120.576250°E | |
| Country |  Philippines |
| Region | Central Luzon |
| Province | Pampanga |
| Cities | Mabalacat Angeles City |
| Area | |
• Total | 1.17 km2 (0.45 sq mi) |
| Time zone | UTC+8 (PST) |
| Catholic diocese | San Fernando |
| Website | www |
Clark Global City (formerly the Global Gateway Logistics City) is a planned mixed-use central business district development at the Clark Freeport Zone in Mabalacat and Angeles City, Philippines.
Udenna Corporation is responsible for the development of Clark Global City since 2017. The development was initially meant as a product of Kuwaiti investment and was known as the Global Gateway Logistics City. The groundbreaking of the development took place in 2008.
History
[edit]As Global Gateway Logistics City
[edit]Clark Global City was initially known as the Global Gateway Logistics City (GGLC). It was conceptualized by American firm Peregrine Development International Inc. (PDII) to the Kuwaiti investment firm KGL Investment Co. (KGLI Co.) in 2006. KGLI accepted PDII's proposal and signed a memorandum of agreement with the Clark International Airport Corporation regarding the project in April 2008. The groundbreaking ceremony was attended by President Gloria Macapagal Arroyo in August of the same year. KGLI was owner and developer of the GGLC[1] through Global Gateway Development Corp (GGDC).[2]
The GGLC was later renamed as the Sabah Al-Ahmad Global Gateway Logistics City in March 2012 honor of Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the Emir of Kuwait who had a state visit to the Philippines within that same month.[1]
GGDC assumed operational control over the project's development in 2014 following a legal dispute with PDII over alleged breaches by the latter over the engineering, procurement and management (EPCM) agreement the two companies entered.[2]
As Clark Global City
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The land to be occupied by the Clark Global City was acquired from the Global Gateway Development Corporation, the former developer of the area by the Udenna Corporation in 2017. The transaction was made through loans from the Bank of China, BDO Unibank and the Philippine National Bank.[3] Udenna effectively acquired the project by through buying out the stakes of GGDC Holdings, the majority shareholder of GGDC, by its subsidiary Clark City Global Corporation. The move was approved by the Philippine Competition Commission on October 18, 2017[4] and the acquisition was completed by November 14 of the same year. Udenna's property arm, Udenna Development Corporation has been tasked to oversee the development of the project.[5]
Clark Global City was officially launched the following year on May 29 by the Udenna Corporation. By this time 47 hectares (120 acres) of the 177 hectares (440 acres) of the Clark Global City has been developed. It is planned that the whole business development to be completed in ten years.[6]
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Geography
[edit]Clark Global City covers an area of 177 hectares (440 acres) and situated within the Clark Freeport Zone in Angeles City and Mabalacat, Pampanga.[6]
See also
[edit]External links
[edit]
Media related to Clark Global City at Wikimedia Commons
References
[edit]- ^ a b Malig, Jun (March 28, 2018). "Kuwait firm to invest $3B in Clark project". Philippine Daily Inquirer. Retrieved November 27, 2018.
- ^ a b "Global Gateway takes over Clark project". Manila Times. September 8, 2014. Retrieved November 27, 2018.
- ^ Rivas, Ralf (May 29, 2018). "Dennis Uy to bring BGC to Pampanga". Rappler. Retrieved November 27, 2018.
- ^ "Dennis Uy's company to buy firm developing Clark's Global Gateway Logistic City". Retrieved November 27, 2018.
- ^ Miraflor, Madelaine (November 19, 2017). "Duterte pal takes full control of $1-B Clark Global City". Manila Bulletin. Retrieved November 27, 2018.
- ^ a b "$5-B Clark Global City New Center launched". Sun Star Pampanga. May 29, 2018. Retrieved November 27, 2018.