Rockwell Land Corp., the high-end property arm of the Lopez family, has secured a majority controlling interest in Alabang Town Center for ₱21.6 billion, marking a decisive expansion into the affluent southern corridors of Metro Manila.

Nestor Padilla, Chairman and Chief Executive Officer of Rockwell Land, said in a regulatory filing to the Philippine Stock Exchange that the company was invited earlier this year by Francisco “Jun” M. Bayot to consider redeveloping the site.

The acquisition gives Rockwell a 74.8 percent stake in Alabang Commercial Corp., the entity that operates the mall.

Padilla characterized the deal as a compelling opportunity to scale the firm’s presence in a key demographic area, citing the long-term redevelopment potential of the sprawling suburban estate.

The company is now focused on ensuring a smooth transition and masterplanning the site’s future layout.

The acquisition of the 17.5-hectare commercial complex follows a rapid series of transactions that saw longtime partner Ayala Land Inc. exit the venture to monetize its stake at a significant premium.

The move marks a strategic pivot for Alabang Town Center, which opened in 1982 and stands as one of the oldest premium shopping destinations in the region.

Rockwell Land plans to apply its hallmark mixed-use strategy to the property, a formula it perfected with its flagship Rockwell Center in Makati and the Power Plant Mall.

The developer has increasingly focused on integrating experiential retail and curated tenant mixes into its projects to maintain a competitive edge in the luxury segment.

This acquisition follows a ₱13.5 billion divestment by Ayala Land just one week prior. The real estate giant sold its 50 percent stake in Alabang Commercial Center back to the Madrigal family.

While Ayala Land had partnered with the Madrigals since the 1960s to transform former agricultural lands into what is now Ayala Alabang, the developer said the unsolicited offer allowed it to book a substantial gain.

Abacus Securities Corp. noted that the carrying value of Ayala Land's stake was roughly ₱260 million at the end of 2024, suggesting a gain of more than ₱13.2 billion from the sale. Although the mall accounts for a relatively small portion of Ayala Land's total retail footprint and annual net income, the proceeds are expected to fund the company’s broader leasing portfolio and capital return initiatives.

For Rockwell, the Alabang deal complements an aggressive retail pipeline that includes Power Plant Nepo in Angeles City, a new mall in Bacolod, and expanded commercial spaces in Cebu.

With more than 500 existing retail and office tenants, Alabang Town Center provides Rockwell with a massive brownfield site ready for the high-density, upscale redevelopment that has defined the Lopez Group’s real estate success over the last three decades.