Singapore firm commits P7B for project-A A +A
Saturday, May 10, 2014
CLARK FREEPORT -- A Singaporean firm committed some P7 billion for its industrial estate, which will be developed inside a three-hectare property inside the Freeport.
The Capilion Corporation Pte. Ltd. and the Clark Development Corporation forged a long-term lease agreement for the property where a facility, ideal for business process outsourcing (BPO), residential, commercial, or even retail enterprises, will be developed.
CDC president Arthur Tugade and Capilion president and chief executive officer Peter YB Tay signed the agreement recently.
The Singapore firm presented to CDC demand drafts totaling almost US$ 4.9 million or approximately 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 agreement also required the firm to sign an anti-graft undertaking and to hire indigenous people (IP) and persons with disabilities (PWD’s).
Tugade said this is in line with his advocacy of a graft-free corporation and his genuine concern for the welfare of the IP’s and PWD’s. Tay also presented a bank certification issued by the Union Bank of the Philippines confirming the firm’s fund of P2 billion for the property development in Clark.
“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”, said Tugade.
"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.
Capilion's development was divided into three phases and is expected to be completed by the end of year 2018.
In 2006, Tay established Capilion Corporation Pte. Ltd. in Singapore to act as an international private equity and corporate finance advisory firm. It is part of the Capilion Group of Companies, Capilion Financial Limited and Capilion RE Engineering Limited.
The Capilion Group of companies has businesses involved in private equity, corporate services, real estate, financial securities, ship ownership, shipping and shipbuilding, infrastructure development and clean and renewable energy projects.
The business 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 various other real estate projects in South East Asia.
Published in the Sun.Star Pampanga newspaper on May 11, 2014.