Rockwell Cements Control of Alabang Town Center with P6.2B Stake Acquisition

MANILA, Philippines — Lopez-led property developer Rockwell Land Corp. has further solidified its control over Alabang Town Center (ATC) with the acquisition of additional shares worth P6.2 billion in the entity that owns and operates the 17.5-hectare development in Muntinlupa City. Rockwell said it has executed share purchase agreements with the majority of the remaining shareholders of Alabang Commercial Corp. (ACC), wherein it is acquiring shares representing 22.96 percent of the outstanding capital stock of ACC. The transaction raises Rockwell’s total equity ownership in ACC to 99.26 percent from 76.3 percent. Total consideration is P6.2 billion, payable in three equal tranches due on July 30, 2026, July 30, 2027 and July 31, 2028. “With greater ownership of the property, Rockwell Land is well positioned to advance its plans for Alabang Town Center while fortifying its portfolio of premium, integrated developments across the country,” the company said. Rockwell is set to undertake a major redevelopment of ATC, which it acquired a controlling stake in last year for P21.6 billion. The company has begun the master planning of the 17.5-hectare property, engaging world-renowned architect Carlos Ott alongside local architect Jun Rodriguez of PRSP. Rockwell said initial priorities over the next two years include enhancements to parking, circulation and the tenancy mix. Over the next five to 10 years, Rockwell’s long-term vision is to restore the development’s old charm while evolving ATC into a more vibrant and experiential lifestyle destination. The decade-long master plan seeks to transform ATC into a modern suburban lifestyle hub. “This 17.5-hectare addition to our portfolio opens a meaningful opportunity to reimagine the lifestyle hub, preserving its charm and nostalgia while bringing in the distinctive Rockwell touch,” Rockwell chairman and CEO Nestor Padilla earlier said. Rockwell is known for its flagship mixed-use development, Rockwell Center Makati, which is anchored by the Power Plant Mall, regarded as a premium retail and lifestyle destination in the country. The company has enhanced its retail developments over the years by integrating experiential and lifestyle-oriented spaces into its masterplanning, supported by curated tenant mixes. Rockwell had a solid start to 2026, with first quarter earnings surging by more than half, fueled by robust revenue growth across core business segments. Net income attributable to the parent company from January to March jumped by 67 percent year-on-year to P1.29 billion, while consolidated net income climbed by 52 percent to P1.43 billion. Given the current market challenges, the company’s focus is to remain agile, maintain strong liquidity and ensure financial resilience.