Rockwell unit buys 60% of ATRKE Land

Upscale property developer Rockwell Land Inc. has stuck a deal to buy a 60-percent stake in ATR Kim Eng Land Inc. (ATRKE Land), developer of the residential condominium cluster TRIbeca in Muntinlupa.

Rockwell Primaries Development Corp., a wholly owned subsidiary of Rockwell, entered into a memorandum of agreement with ATR Holdings and Dragon Eagle International Ltd. to jointly acquire all outstanding shares of Maybank ATR Kim Eng Capital Partners Inc. in ATRKE Land.

TRIbeca is a joint development between ATRKE Land and Landco Pacific Corp. But under a termination agreement, ATRKE will become the sole owner and developer.

After this transaction, Rockwell Primaries will own 60 percent of ATRKE Land while Dragon Eagle and ATR Holdings will each have a 20 percent stake.

TRIbeca Private Residences is a 9.7-hectare resort-inspired residential condominium in Sucat, Muntinlupa.