Solidifying its ownership of the property.
In a disclosure to the Philippine Stock Exchange (PSE), the Rockwell Land Corporation (RLC) announced that it has furthered its stake in the Alabang Commercial Corporation (ACC).
The said company owns the sprawling 17.5-hectare Alabang Town Center (ATC) retail complex in Muntinlupa.
According to the property giant, it has already bought shares representing 22.96% of the outstanding capital stock of ACC for a total consideration of PHP6.2 billion, executing the Share Purchase Agreements with the majority of the remaining shareholders of ACC.
Through this transaction, Rockwell Land has increased its total equity ownership in Alabang Commercial Corporation from 76.3% to 99.26% to solidify its control over the development.
Meanwhile, it also noted that it has advanced its plans for the property with the master planning of ATC, where they have already engaged architects Carlos Ott and Jun Rodriguez for the redevelopment.
“Initial priorities over the next two years include enhancements to parking, circulation, and the tenancy mix,” it disclosed. “Over the next 5 to 10 years, the long-term vision is to restore the old charm while evolving ATC into a more vibrant and experiential lifestyle destination.“
It was last December when Rockwell engaged in a transaction worth PHP13.5 billion with former ATC owner Ayala Land (ALI) for a 50 percent stake.
During which, ALI noted that the unsolicited offer from its joint venture partner “provided a premium,” which allowed ALI to “recognize gains from the sale and monetize its stake in Alabang Town Center.”
Rockwell Land would later increase it to a controlling stake before the yearend.
Rockwell Land is best known for its flagship mixed-use development, Rockwell Center Makati, which is anchored by the premium retail and lifestyle destination Powerplant Mall.
Aside from that, Rockwell Land has previously announced retail expansion initiatives, which include Power Plant Nepo in Angeles City, Pampanga; the addition of new retail spaces within Rockwell at IPI Center in Cebu City; and, Power Plant Mall Bacolod in Rockwell Center Bacolod, among others.
In 2026, the acquisition builds is included in the key milestones of the property giant, which include the handover of Aruga Resort and Residences. Mactan, the topping off of Power Plant Mall Angeles, and the strong market reception of Cabo San Diego, in Lian, Batangas.
