Megaworld has signed an agreement with Clark Development Corporation to develop a 550-hectare former US military site into a mixed-use complex in Clark Freeport Zone and the Clark Special Economic Zone in Philippines at a cost of PHP7bn ($159.8m).
The development includes office, commercial, retail, leisure and entertainment, residential, and health and wellness components.
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The development is part of the Philippine Government’s plan to transform the area into an airport-led urban centre for IT-enabled industries, aviation and logistics-related enterprises, tourism and other sectors.
The whole project is expected to create about 30,000 jobs.
