Global Gateway Development Corp. and Century Properties Group, Inc. Sign Memorandum of Agreement to Create a Joint Venture
January 21, 2019 at 09:30 am IST
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Global Gateway Development Corp. (GGDC) and Century Properties Group Inc. signed a memorandum of agreement on January 9, 2019 to create a Joint Venture (JV) that will develop 2.6 hectares of the 177-hectare leasehold within the Clark Freeport Zone in Mabalacat, Pampanga. Clark Global City into a mix of residential and office buildings.
The joint venture will develop a mix of residential and office buildings with support retail establishments. It will represent Century Properties' first development in Clark, a former military base currently being transformed into the country's next big metropolis and primed as the answer to Metro Manila's congestion. With a buildable area of more than 109 hectares, Clark Global City 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. Clark Global City was previously envisioned as an aviation-focused logistics park exclusively developed by GGDC. When the Udenna Group took over in 2017, it renewed its lease agreement over the estate to run until 2085 and amended the master plan with a vision of developing the area as the next Central Business District - maximizing allowable building heights and floor area ratios, opening additional access points, right-sizing the lot cuts to the needs of the market, and welcoming local partners in developing the leasehold. The development has since received strong interest from locators. In its Real Estate Market Insights for December 2018, Leechiu Property Consultants cited Clark Global City as the most in-demand development outside Metro Manila, having accounted for a majority of the 156,000 square meters of office demand in Clark. Situated within the Clark Freeport Zone, the development offers an ideal regulatory, economic and operating environment. It is also poised to benefit from various public infrastructure projects such as the expansion of the Clark International Airport, NLEX-SLEX Connector Road, Subic-Clark Cargo Railway and PNR North Railway.
Century Properties Group, Inc. is a Philippines-based real estate company, which is engaged in the development and construction of residential and commercial real estate projects. The Company is primarily involved in the development, marketing, and sale of mid- and high-rise condominiums and single detached homes, leasing of retail and office space, and property management. The Company operates through three segments: Real estate development, Leasing, and Property management. The Real estate development segment is engaged in sale of high-end, upper middle-income and affordable residential lots and units and lease of residential developments under partnership agreements. The Leasing segment is engaged in the lease of the Companyâs retail mall. The Property management segment facilities management of the residential and corporate developments of the Company and other third-party projects, including provision of technical and related consultancy services.
CENTURY PROPERTIES GROUP, INC. 
