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MTD group on track to complete Phase 1A development of New Clark City in the Philippines

Its group chief financial officer Tee Kim Siew said the project wass now 55 per cent completed and the company was confident of delivering the world-class sports facilities to be used for the Southeast Asian (SEA) Games 45 days before the main event.

Pan Pacific Agency | COMMUICATION AGENCY FOR PACIFICA REGIONS

PUTRAJAYA, Feb 20, 2019, New Straits Times. MTD Capital Bhd is on track to complete Phase 1A development on a 40ha land in New Clark City in the Philippines with a gross development value (GDV) of RM1 billion, reported the New Straits Times.

Its group chief financial officer Tee Kim Siew said the project wass now 55 per cent completed and the company was confident of delivering the world-class sports facilities to be used for the Southeast Asian (SEA) Games 45 days before the main event.

“The SEA Games will be held on November 30 to mid-December 2019 and we have to deliver at least 45 days before the event. Right now, the project is 55 per cent completed and we believe that we are on track to deliver this.

“We already factored in the challenges that we might face during the rainy season in April and May this year at the site. Barring unforeseen circumstances, we should be able to deliver to the authority by October 15 this year,” he told reporters during a roundtable talk with the group’s management on the New Clark City development project.

In January 2018, MTD announced that it was developing a national government administrative centre (NGAC), which will be similar to Putrajaya, on a 60ha land at New Clark City in the Philippines.

The GDV of the project is estimated at RM1.77 billion.

Subsequently, Tee said MTD planned to kickstart the non-sports parcel of the project, or Phase 1B, as soon as next year and to be completed by 2022.

The Phase 1B development will consist of two seven-storey government buildings, an integrated operations centre and government housing and parks, among others.

“We are looking to deliver the Phase 1A development first before moving on with developing the Phase 1B,” said Tee.

On MTD’s One Crown Place mixed development in London, with a GDV of 500 million pounds, Tee said the company had sold 110 units out of 246 luxury residential units of the residential portion.

The project comprises 136,000 sq ft office space, 7,000 sq ft retail space, a 41-room boutique hotel, 246 luxury residential units and a 200 years old Georgian terrace that will be fully restored as part of the scheme.

In September last year, MTD has secured RM1.5 billion financing from Australia’s largest pension fund AustralianSuper and one of the largest real estate investment managers in the world, TH Real Estate, for the development of One Crown Place.

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