CDC, Korean investor sign P840-M expansion deal

The Clark Development Corp. (CDC) and Korean-led JnH Philippines Development Corp. have signed an amended lease agreement for an P840 million mixed-use expansion project, significantly shortening the development’s construction timeline.

The agreement, signed 28 April at the Clark Visitors Center, covers a 17,373-square-meter site along C.M. Recto Highway. The new terms compress the original five-year construction period to just 30 months.

CDC president and CEO Agnes VST Devanadera said the project signals strong investor confidence in the Freeport’s growth, noting that the developer chose to move forward despite the disruptions caused by the pandemic.

“This is a story beset with challenges posed by the pandemic, which was totally unexpected,” Devanadera said. “And yet, the corporation stood fast and, with all their resources, decided that they should pursue.”

Devanadera added that the scale of the investment helps position Clark as a competitive destination for both tourism and international business.

The expansion comes as Clark experiences a surge in tourism, recording more than 1.5 million overnight guests and 1.8 million same-day visitors last year. This increase in activity has created a heightened demand for new lifestyle spaces and accommodations.