MANILA, Philippines–Upscale property developer Rockwell Land Inc. has struck a deal to take over a 60-percent stake in the 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 the ATR Holdings and Dragon Eagle International Ltd. to jointly acquire all outstanding shares of the 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 the 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. Located along the South Luzon Expressway, the estate is situated near the Makati and Alabang central business districts, private schools, hospitals, shopping malls, and airports.
The masterplan for the estate calls for 15 residential towers in five clusters, a three-hectare central park, the 1,800-square meter Aqua Park and the 7-Aside football field, home to the Chelsea Football Club Soccer School, operated by the Younghusband Football Academy.