SM Prime to rent space in Clark Global City

SM Prime Holdings, Inc. and Global Gateway Development Corp. (GGDC) signed on Tuesday an agreement allowing the former to lease up to 10 hectares in Pampanga province.

Under the sublease deal, the SM Group’s property develop Freeport Zone in Mabalacat town. It also has the option to three years.

GGDC is a wholly owned subsidiary of Udenna Development Corp. (Udevco), the real estate and property development arm of the Dennis Uy-led Udenna Corp.

The subleased space, GGDC said, will effectively expand the developments of SM Prime in the area.

us another platform to help de employment and business opportunities in the region,” Hans Sy, chairman of the executive committee of SM Prime, said in a statement.

“We will explore more opportunities to contribute to the premier investment destination

“Having SM Prime as one of our anchor locators boosts Global City as the country’s new center of business, life and innovation,” GGDC Chairman Uy said.

- ing more companies and investors as partners in realizing our which we believe will translate to more jobs and better living conditions for our fellow Filipinos,” he added.

Global City is a masterplanned development with a buildable area of more than 123 ha. It currently hosts a 173- bed hospital under The Medical City brand and two fully leased- out, Grade A office buildings.

These buildings, which have 57,000 square meters of leasable office and retail spaces, form part of a complex called West already preleased, are being built at the site.

Besides office buildings, academic and sports centers, and casino, and modern support services and amenities.

It is expected to be completed