Kuwaiti firm sets topping off of 2 AeroPark Campus towers
CLARK FREEPORT — Kuwaiti firm KGL Investment Company (KGLI) has set the topping off of two buildings inside its AeroPark Campus located inside the 177-hectare Global Gateway Logistics City of Clark Civil Aviation Complex.
The topping off ceremony for the One West and Two West towers, which are included in the initial phase of the AeroPark Campus Quad 1, will be held at 10:30 am on October 18 (Tuesday).
The two buildings, which will be completed by May 2017, offer 45,000 square meters of Grade 1 office space and 9,000 square meters of retail area.
Two to four floors of retail space will be reserved for retail and commercial space to serve the inhabitants inside the city.
Pampanga Governor Lilia Pineda, Angeles City Mayor Edgardo Pamintuan and local business leaders attended the groundbreaking ceremony on November 11, 2015.
KGLI Asia Chief Executive Officer Williams said the groundbreaking for the AeroPark Campus represents an exciting new phase in the development of GGLC, a well-designed and master-planned office and logistics districts strategically located next to Clark International Airport.
“With the addition of new high-quality office space located in a well-designed master planned precinct within the Clark Freeport Zone and directly adjacent to the Clark International Airport, we foresee the Clark Freeport Zone emerging as a new office and logistics hub for the Philippines,” Williams said.
Williams said five Grade A office buildings will be constructed under the initial phase. The buildings will follow the highest standards and are expected to meet the Leadership in Energy and Environment Design (LEED) rating system of the United States.
He said the five office towers with a gross floor area of 142,000 square meters are expected to be completed in 24 months. The company also plans to build a retail and gas plaza, a hotel and serviced apartment complex.
AeroPark Campus is a part of GGLC, a major real estate development that will entail the investment of over $3 billion in new facilities, providing direct employment to more than 3,000 construction and trade workers at the peak of construction.
Once completed, the GGLC project will generate employment opportunities to over 300,000 workers within $600 million in annual payroll for entry-level employees alone.
KGLI plans to transform GGLC into a state-of-the-art commercial and logistics aerotropolis built to the highest environment standards.
KGLI through local unit Global Gateway Development Corporation (GGDC), has a lease on the property for a period of 50 years, with an option to renew for 25 years.
Williams said the first phase of the project will be bankrolled by Hongkong-based Asian private equity firms ADM Capital and BPE Asia Real Estate, which recently committed an initial $150 million investment to finance the construction of Grade A office buildings and surroundings infrastructure in GGLC.
ADM Capital is a fund manager with headquarters in Hong Kong while BPE Asia Real Estate is an affiliate of Baring Private Equity Asia, which also has an office in Hong Kong.
The $150 million project represents one of the largest investments by foreign investors in the Philippines’ real estate sector and is expected to transform Clark Freeport into a new office and logistics hub.
KGLI said construction of the first phase of AeroPark Campus will start this month, with pre-leasing arrangement already underway.
Large locators such as Texas Instruments, Convergys, Samsung and iQor have already established a presence in Clark while other multinational corporations and business process outsourcing companies are looking at expanding in the area.
The Philippines has emerged as one of the fastest growing real estate markets in Asia, powered by the expansion of the BPO sector. PHL is also considered the call center capital of the world and is the second largest BPO destination globally next to India.
Clark Freeport, located 80 kilometers north of Metro Manila, is well positioned to thrive as a BPO and logistics hub, given the large population of skilled workers in Central Luzon and its proximity to the Philippines’ capital.