Rockwell Land to develop Pampanga mixed use project
Rockwell Land Corp., the Lopez-owned property developer, is hoping to take advantage of the booming economy of North Luzon with the development of a new mixed-use community in Pampanga.
In a regulatory filing yesterday, Rockwell said it has signed a partnership with TGN Realty, a part of the Nepomuceno Group of Companies, to develop a 3.6-hectare mixed-use estate in Angeles, Pampanga.
The new estate will also be the home of the first Rockwell Power Plant Mall outside Metro Manila and will have residential and commercial components as well.
There will be three residential towers, which are expected to churn in revenue of P6.7 billion.
Rockwell Land president Nestor Padilla said the company is excited to build a new Rockwell community in Pampanga through its joint venture with the family behind the successful Nepo Center.
Similarly designed to the Rockwell Center in Makati, the residential towers and the mall will be connected via an underground passageway for the community’s convenience.
The new Rockwell residential community is targeted to launch in the second half of 2021 and will feature a central clubhouse amenity.
Each tower will be 10 to 15 storys with units ranging from one-bedroom to three-bedrooms with sizes from 44 square meters to 142 sqm.
The Nepomuceno Group of Companies has investments in education, utility services and real estate.
Under the agreement, Rockwell and TGN shall mainly infuse the capital for the undertaking, while TGN and the Valdes siblings will contribute the land for the project.
Rockwell, TGN Realty, and the Valdes siblings who are minority shareholders of the company, shall invest in the project through the purchase and subscription of shares in the joint venture company.
Padilla said the prospects of the project are rosy given the completion of infrastructure projects including the expansion of the Clark International Airport and the North-South Commuter Railway that will connect Manila to Clark.
The Philippine Competition Commission (PCC) approved the joint venture on Oct. 20.
To date, PCC has received 219 notifications and approved 206 M&As (mergers and acquisitions) with a combined worth of P3.98 trillion.