The Philippines plans to launch a potential $14 billion development project that seeks to establish a new sustainable city approximately 75 miles outside the Manila capital, Business Insider reported last Wednesday.
BCDA Group and Surbana Jurong will serve as developers of the New Clark city project that is set to enter the construction phase in 2022.
The city will accommodate up to 2 million people and will have a minimum elevation of approximately 184 feet above sea level and five districts intended for business, government, agriculture, education and recreation functions.
The New Clark project will feature an agro-industrial park, sports complex, green space, driverless cars and other technologies that seek to reduce water and energy consumption.
“This project builds upon the astonishing growth and economic boom the Philippines has seen in recent years. I couldn’t be more excited to continue doing business in the country, and with such a wonderful people,” said Jim Garrettson, an American investor, entrepreneur and chief executive officer of metro Manila-based ArchIntel, a competitive daily intelligence briefing service.
Heang Fine Wong, CEO of Surbana Jurong, told CNBC that New Clark will serve as a “twin city” to Manila in an effort to address congestion in the latter city.