Rockwell Land Corporation, the upscale property arm of the Lopez Group, has confirmed discussions with a member of the Madrigal family for the possible redevelopment of the Alabang Town Center (ATC) site in Muntinlupa City, following Ayala Land Inc.’s exit from the mall.
In a disclosure to the Philippine Stock Exchange on Wednesday, December 17, Rockwell said it is in talks regarding the property, though no specific development plans were disclosed. The company is known for high-end, mixed-use residential and retail projects.
The development comes after Ayala Land sold its 50 percent stake in Alabang Commercial Center Corporation, the owner and operator of ATC, back to the Madrigal family for ₱13.5 billion—ending a partnership that dates back to the 1960s. The collaboration helped transform what was once a mango farm into Ayala Alabang Village and the Madrigal Business Park.
According to Abacus Securities Corp., the deal will result in a gain of over ₱13.2 billion for Ayala Land, as the carrying value of its stake was estimated at about ₱260 million at the end of 2024. The impact on recurring earnings is expected to be minimal, with ATC accounting for just 1.1 percent of Ayala Land’s total mall footprint and contributing around ₱100 million in net income last year.
Ayala Land said the unsolicited offer provided a premium that allowed it to monetize its stake. The proceeds will be used to expand its leasing portfolio and reduce debt, potentially saving up to ₱600 million annually in financing costs if fully applied to deleveraging.
Opened in 1982, Alabang Town Center is among Ayala Land’s oldest malls and has long served as a major lifestyle hub in southern Metro Manila, with major expansions completed in 1994, 2007, and 2011.