Rockwell Land’s P21.6-billion takeover of Alabang Town Center last December caught industry players off guard, and not just for the eye-popping price tag.
Surprise asset flip
Days earlier, Ayala Land announced its exit from the ATC project it helped develop in the early 1980s, selling its stake to the members of the Madrigal clan for a P13.5-billion windfall.
After consolidating ownership, family members and scion Francisco Madrigal Bayot Jr. sold control of the asset to Rockwell Land.
One striking aspect of the transaction was how tightly it was kept under wraps. We’re told even Ayala Land’s leadership was surprised by the asset flip.
Unique opportunity
Rumors were circulating as early as 2025 that the Lopez-led developer was working on a major property deal.
When asked about it last March, a company insider confirmed they were pursuing a significant but “unbelievable” opportunity.
“When it was put on the table, my reaction was: ‘you must be kidding, right?’” the insider had said. “It’s exciting but, at the same time, you worry what will happen next”.
Rockwell to bring in partners
The Lopezes are paying generously for the retail complex that’s surrounded by upscale residences, commercial and office spaces.
The deal implies a valuation of about P28.9 billion for Alabang Town Center, almost P2 billion above the recent purchase from Ayala Land. This translates to an extra P1.4 billion for the Madrigal sellers on the shares they sold.
Given its scale, the builder is in talks with potential partners, and one name that’s coming up in discussions is Japanese corporate giant Mitsui, which had partnered with Rockwell Land in the past.
This will pave the way for the needed redevelopment of the 17.5-hectare complex, which observers say has been losing foot traffic and has clearly seen better days.
Asset reshuffle
Drama aside, these moves show that big-ticket property deals are far from dead despite challenges in the real estate sector.
Recall that Rockwell Land itself had just missed out on acquiring prized real estate at its affiliate ABS-CBN’s Quezon City headquarters after the Lopezes were outbid by Ayala Land.
Call it win some, lose some.
The point is staying in the game long enough, then maybe you get the chance to snag a trophy asset you once thought impossible.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
