Dennis Uy, Antonio group going into mixed-use development in Clark

Global Gateway Development Corp. and Century Properties Group Inc. signed a memorandum of agreement creating a joint venture to develop a portion of Clark Freeport Zone in Pampanga.

The memo was signed on January 9, covering 2.6 hectares inside the 177-hectare leasehold in Clark Freeport Zone.

Global Gateway is a wholly owned subsidiary of Dennis Uy’s Udenna Development Corp. It is focused on real estate and property development.

Under the agreement, the joint venture will develop a mix of residential and office buildings and retail establishments. The companies’ vision is banking on the growth of Central Luzon which supposedly has the highest number of occupied housing units.

“This is in line with our strategy to fast-track the development of Clark Global City,” said Global Gateway chairman Dennis Uy.

“By joining forces with the country’s leading local developers, we can unlock the potential of Clark Global City sooner, expand our economy’s capacity, nurture businesses, and generate more employment opportunities,” he added.

The development seeks to gain from various public infrastructure projects under construction in the area, including the expansion of the Clark International Airport, NLEX-SLEX Connector Road, Subic-Clark Cargo Railway, and PNR North Railway.

“As massive infrastructure projects are underway to make Clark connected and highly accessible, Century Properties wishes to ride on this growth momentum by serving the real demand in the office and residential markets,” Century Properties COO Marco Antonio said.

Global Gateway earlier signed an agreement to sublease up to 10 hectares of Clark Global City to property developer SM Prime Holdings Inc.

The deal initially covers five hectares. SM Prime has the option to take five more hectares in the next three years. —Jon Viktor Cabuenas/VDS, GMA News