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Manila Bulletin devider Business devider Trade & Industry devider CDC inks ₱4-billion deal with South Korea's Luxia for high-end Clark project

CDC inks ₱4-billion deal with South Korea's Luxia for high-end Clark project

Published Mar 25, 2026 05:48 pm
(Second from left) CDC president and CEO Agnes Devanadera and Luxia Corp. CEO Ji-won Chae (third from left) (CDC photo)
(Second from left) CDC president and CEO Agnes Devanadera and Luxia Corp. CEO Ji-won Chae (third from left) (CDC photo)
South Korea-based property development firm Luxia Corp. is spending more than ₱4 billion to build a premium mixed-use development in the Clark Freeport Zone, according to Clark Development Corp. (CDC).
In a statement, the investment promotion agency said CDC President and Chief Executive Officer (CEO) Agnes Devanadera signed a lease agreement with Luxia Corp. CEO Ji-won Chae on Tuesday, March 24, for a 20,000-square-meter site within the ecozone.
CDC said the company is investing around ₱4.4 billion to develop Luxia Ave., a high-end mixed-use project featuring a hotel and serviced apartments.
Luxia Corp. principal architect Paul Bae said the property is envisioned to “bring specialty and excellence of high-end residences to Clark.”
“We think Luxia will be the catalyst. It will be the bridge taking Clark to the next level, providing high-end residences, a premium hotel, hospitality, and retail,” he said.
The project is expected to expand Clark’s roster of premier hospitality establishments, further supporting its burgeoning meetings, incentives, conferences, and exhibitions (MICE) sector.
Devanadera said the development forms part of the agency’s efforts to unlock more investments from South Korea.
“We are considering this as one of the best projects to show that there are very good economic relations between the Republic of Korea and the Republic of the Philippines,” said Devanadera.
“We've been looking forward to this, we've been working on this, with extra efforts in determining how we can help one another and how we can put up one stone to another,” she added.
CDC, a subsidiary of the Bases Conversion and Development Authority (BCDA), is tasked with developing the Clark Freeport Zone into a premier investment and business hub.
Last year, the agency’s approved investments plunged to ₱3.11 billion from ₱40.43 billion in the previous year, based on data from the Department of Trade and Industry (DTI).

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