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Manila Bulletin devider Business devider The Stock Market devider Madrigals weigh Alabang Town Center overhaul as Rockwell joins talks

Madrigals weigh Alabang Town Center overhaul as Rockwell joins talks

Published Dec 17, 2025 01:05 pm
Rockwell Land Corp., the upscale property arm of the Lopez Group, is in talks with the Madrigal family to redevelop the Alabang Town Center site in Muntinlupa City following Ayala Land Inc.’s exit from the landmark shopping mall.
In a brief disclosure to the Philippine Stock Exchange on Wednesday, Dec. 17, Rockwell confirmed it is in discussions with a member of the Madrigal family for the possible redevelopment of the property.
While the firm did not provide specific project details, Rockwell is known for high-end, mixed-use residential and retail developments.
The move comes after Ayala Land sold its 50 percent stake in Alabang Commercial Center Corp., the owner and operator of the mall, back to the Madrigal family for ₱13.5 billion.
The transaction marks the end of a partnership that began in the 1960s, when the two groups collaborated to transform a 661-hectare mango farm into what is now Ayala Alabang Village and the Madrigal Business Park.
According to Abacus Securities Corp., the sale represents a financial gain for the Zobel-led real estate giant. At the end of 2024, the carrying value of Ayala Land’s stake was estimated at approximately ₱260 million, meaning the company will book a gain of more than ₱13.2 billion from the disposal.
The impact on Ayala Land’s recurring earnings is expected to be minimal.
Abacus Securities noted that Alabang Town Center accounts for less than 50,000 square meters of retail space, representing just 1.1 percent of Ayala Land’s total mall footprint. The mall contributed approximately ₱100 million to its net income last year.
Ayala Land stated that the unsolicited offer from the Madrigal family provided a premium that allowed the company to monetize its stake.
The developer plans to use the ₱13.5 billion in proceeds to fuel growth in its leasing portfolio and pay down debt.
With an average cost of debt near 6.0 percent, Ayala Land could save ₱600 million in annual net financing costs if the full amount is used for deleveraging.
Opened in 1982, Alabang Town Center is one of Ayala Land’s oldest shopping centers and has long served as the premier lifestyle hub for the southern Metro Manila suburbs. The mall underwent major expansions in 1994, 2007, and 2011.

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Rockwell Land Corporation Ayala Land Inc. Alabang Town Center
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