House of Investments led by bilyonaryo Helen Yuchengco-Dee has drafted a senior executive of Udenna Land, which is owned by Duterte crony Dennis Uy.
HI welcomed Glenson K. Lim as vice president for property starting August 30.
Curiously, House of Investments initially announced his name as Paul Glenson K. Lim but later issued a correction.
HI said Lim has more than 20 years experience in various real estate companies. He is also a licensed architect and has an MBA from Ateneo School of Business.
Lim’s journey with Udenna started when Uy took over the 177-hectare Clark Global City (CGC) from the original Kuwaiti investor group in 2017.
CGC is one of the projects and companies acquired by the Davao-based bilyonaryo during his debt-driven investment spree in the Duterte administration era.
As Udenna Land’s chief development officer, Lim was responsible for the project’s business development, engineering, construction, and design.
In May 2022, Uy was forced to unload a five-building complex (some of the buildings were still under construction during the sale) within CGC to a foreign fund manager, CarVal Investors, due to financial troubles hounding the project
Two months later, Udenna received a foreclosure notice from BDO Unibank as the company had difficulties paying off the loans it used for CGC.
BDO cited “continuing and irremediable events of default” in its default notice to Udenna.
