Suyen Corp., the group behind the Bench brand, is investing in Dennis Uy’s Clark Global City in Pampanga, diversifying its real estate footprint.
Suyen’s Chairman Ben Chan and Global Gateway Development Corp. (GGDC), which is a subsidiary of Uy’s holding company Udenna Group, signed a memorandum of agreement for the sublease of 2,886 square meters at the latter’s 177-hectare leasehold within the Clark Freeport Zone in Mabalacat, Pampanga.
To ride the surge of interest in Clark Global City’s real estate, Suyen is planning to build an office tower for lease in the area to cater to office tenants looking for spaces outside of Metro Manila.
Uy, chairman of GGDC said Suyen’s entry in the Clark Global is a welcome move.
“We thank Suyen for choosing to invest in Clark Global City and for sharing our vision for a central business district that will create more opportunities for Filipinos beyond the country’s major cities that have become highly congested,” he said.
Chan said the company is bullish on the growing economy outside of Metro Manila.
“We’re bullish on the Philippine economy and seeing how it’s slowly but surely extending to key cities outside of Metro Manila,” he said.
Commercial Property Brokerage Leechiu Property Consultants has cited Udenna’s master-planned development as the main driver of office demand in Clark, the second-largest office market in the Philippines amid the government’s push to transform the former military base into a modern and disaster-resilient metropolis.
“Our government has been working hard to promote Clark and to make it much more accessible. There’s a lot that’s been done to develop Clark and even more that can be done to help it reach its full potential, so it’s not hard to see it becoming the next big metropolis it’s poised to be,” Leechiu said. Aside from its Clark development, Suyen also has a 24-story mixed-use, high-rise building called Bench Tower in Bonifacio Global City in Taguig. It houses the company’s corporate offices and also offers office spaces for lease.
Source: Philippine Star
