Clark seals P840-M mixed-use expansion deal
Agnes Devanadera (second from left) and Lee Sangte (second from right) exchange a handshake following the ceremonial signing of an amended lease agreement at the Clark Visitors Center. Also in the photo are CDC Assistant Vice President for the Business Enhancement Department Rodem Perez (leftmost) and JnH representative Kim Tae Hyun (rightmost).
Photograph courtesy of CDC
The Clark Development Corporation (CDC) and Korean investor JnH Philippines Development Corporation signed an amended lease agreement for an P840-million mixed-use expansion project inside the Clark Freeport.
Signed on 28 April, the agreement shortens the construction timeline from five years to 30 months for the 17,373-square-meter development along C.M. Recto Highway. The project includes 17 pool villas, a 15-storey mixed-use tower, and two 12-storey buildings.
CDC President and CEO Agnes Devanadera said the investment reflects strong investor confidence in Clark despite pandemic-related challenges.
Once completed, the project is expected to boost Clark’s tourism and MICE industry while expanding its hotel room inventory.