Rockwell, Madrigals in talks for ATC facelift

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December 18, 2025 | 12:00am

MANILA, Philippines — Lopez-owned property developer Rockwell Land Corp. is in discussions with the Madrigal family to redevelop the Alabang Town Center (ATC) in Muntinlupa.

“In line with Rockwell Land’s continuous search for properties to develop, Rockwell is in talks with one of the Madrigals for the possible redevelopment of their property,” the company said in a stock exchange filing.

Rockwell Land, which is celebrating its 30th year this 2025, first made its mark in the real estate industry through its flagship project in Makati.  

Its other properties include The Grove in Pasig, The Arton in Quezon City and East Bay Residences in Muntinlupa.

The development comes after the exit of Ayala Land Inc. in Alabang Commercial Center Corp., the entity that owns and operates ATC, a shopping mall located south of Metro Manila which stands right next to gated residential communities and bustling business developments.

ALI earlier said that it has executed a share purchase agreement with its existing joint venture partner in Alabang Commercial Center, noting that the unsolicited offer from its joint venture partner provides a premium that allows it to recognize gains from the sale and monetize its stake in ATC.

In a separate filing yesterday, ALI disclosed that the share purchase agreement was signed with Francisco Bayot Jr.  for the latter to acquire all of the company’s share in Alabang Commercial Corp. (ACC).

Bayot, a director of ACC, is the grand­son of Vi­cente Madri­gal, a pioneer in the country’s industrialization.

The transaction involves a total of 408,504 shares which were sold at P33,047.41 apiece, for a total of P13.5 billion.

ALI said that consideration for shares would be paid in three equal installments which are due are on or before Dec. 22, 2025, Dec. 15, 2026 and Dec. 15, 2027.

ALI will use proceeds from the sale to fuel further growth in its leasing portfolio and provide its stakeholders with return of capital.

China Bank Capital Corp. managing director Juan Paolo Colet earlier said that while it remains to be seen what the Madrigal family will do with their prime commercial property, a major redevelopment might be on the table. 

“Given the price they paid, they would need to unlock more value from the asset,” Colet said.