Singapore firm to spend P7-B for Clark project

ABS-CBN News

Posted at May 12 2014 02:58 PM | Updated as of May 12 2014 10:58 PM

MANILA, Philippines – Singapore-based developer Capilion Corp. has committed an estimated P7 billion for the development of a mixed-use project inside the Clark Freeport Zone in Pampanga.

Capilion and Clark Development Corp. recently signed a long-term lease agreement to develop a facility that will house business process outsourcing (BPO), residential, commercial, and retail in a 3-hectare property inside Clark.

CDC president Arthur Tugade expects the project to generate thousands of employment opportunities in the area.

The agreement also required to sign an anti-graft undertaking and exert effort to hire indigenous people (IP) and persons with disabilities (PWD's).

"This will be the biggest contract to be signed by the new administration in terms of employment generation with a projection of 75,000 that can be accommodated within 7 years," Tugade said.

''Our target of breaking the 100,000 employee barrier by the year 2016 is projected to be broken by 2015 because of the entry of Capilion to Clark,” he added.

The project will be done in three phases and is expected to be completed by the end of 2018.

Capilion has presented to CDC demand drafts totaling almost $4.9 million (P215 million) to represent the firm's advance lease, security deposit and performance security plus a reservation for another 8,639 square meters adjacent to its property.

The Capilion group has various stakes in different countries such as securities industry in Indonesia, ferry project in China, biofuel in Indonesia, infrastructure in Kyrgyzstan, mono rail project in India, and other real estate projects in South East Asia.