The Clark Development Corporation (CDC) has approved an amendment to PKR Corporation’s lease agreement, clearing the way for a P4-billion mixed-use residential and commercial development in The Villages.
The state-run firm said Clark Freeport is accelerating its transformation into a premier investment and lifestyle destination.
The move signals Clark’s aggressive push to attract big-ticket investments and strengthen its position as Asia’s Leading Meetings and Conference Destination, a title awarded by the World Travel Awards, it added.
The revised terms give PKR 30 months to complete construction and include strict performance safeguards to ensure timely delivery.
CDC President Agnes Devanadera said the amendment reflects CDC’s commitment to investor confidence and efficient project execution.
“With this agreement, we ensure that it is a good place for everyone to go and with our coordination, we want to be able to maintain that area [The Villages], an area of preference, where people can reside and really be part of the community,” Devanadera said.
PKR President Daekwon Jung welcomed the move. “We are honored to take part in Clark’s growth and with CDC as our partner, we will deliver this development in Clark.”
PKRC is a subsidiary of Kyeryong Construction Industrial Co., Ltd., a South Korean firm engaged in building, civil, residential, and infrastructure projects.
The company has been recognized nationally and locally for safety, technology, and workplace practices, including awards from the Korea Expressway Corporation, the Ministry of Trade, Industry and Energy, and Daejeon Metropolitan City, according to Kyeryong Construction Industrial Co., Ltd. official website.
CDC said the project is part of its "broader strategy to accelerate investments, promote well-planned communities, and create a business-friendly environment that attracts global and local investors." (Press Release)