A new central business district in the Philippines’ Clark Global City is under construction as of this week, when Udenna Development Corporation (UDEVCO) announced a $5 billion investment and a 10-year plan for the entire area. The contract includes a casino and an entertainment complex, as local media agencies report. Chairman and CEO, Dennis Uy, is proud of the company’s latest investment, saying that it will turn the country into a strategic center for business, leisure and innovation.
The group has recently purchased land in the Clark Freeport Zone spanning across 177 hectares. When finished, Clark Global City will represent one of the major business destinations, as it will financially transform the whole country, which basically reflects the government’s efforts to spread economic growth in all parts of the archipelago.
Apart from high-class office buildings, academic and sports centers, the complex will also include retail markets, hotels and casinos. Likewise, the entire entertainment resort will be accompanied by another casino at some point, possibly added by one of Udenna’s subsidiaries. Geographically, the location of CFZ is perfect, due to its economic, regulatory and infrastructure environments. The distance to local Clark International Airport is measured in minutes, which currently works on expanding its terminal capacities and direct links to the roads leading to CGC.
In the meantime, Uy has been working hard to attract further partners, and right now, the company is negotiating with nine local and foreign investors. He also plans business trips to Hong Kong, Tokyo and Beijing in order to draw even bigger investment support which could create more employment opportunities as well.
UDEVCO was established in 2002 and now represents one of the fastest-growing companies in the country. It has ownership over a $300m resort in Mactan, an office tower in Bonifacio Global City and plans to invest in a massive complex in CGC. Through its Phoenix brand, the company even distributes and sells petroleum products.