This week, the Udenna Development Corporation (UDEVCO) began work on ‘The New Center,’ a new central business district in Clark Global City in the Philippines’ Clark Freeport Zone (CFZ). It’s part of a 10-year plan that will see UDEVCO inject more than $5 billion into the area, including the construction of a casino and an entertainment complex, according to local media reports.

Udenna’s Chairman and CEO, Dennis Uy, said of the investment, “We are developing what will become the Philippines’ new center of business, life and innovation,” adding that the group had just acquired 177 hectares (437 acres) in the CFZ. He further stated, “Clark Global City will offer a global business destination and spur economic transformation outside of Metro Manila, complementing the government’s efforts to spread growth across the country.”

Clark Global City will be the home of top-grade office buildings, academic and sports centers, upscale retail markets and a hotel and casino. There will also be a large entertainment complex with the possibility of another casino being added by a different Udenna subsidiary.

The development, due to its location inside the CFZ, is perfect to offer an ideal economic, regulatory and operating environment. It offers direct access to Clark International Airport, located 10 minutes away. A new terminal at the airport is currently being built and, when complete, will provide a direct link to the road that leads to the development.