Rockwell debuts in Laguna
Upscale property developer Rockwell Land Corp. is debuting into Laguna’s robust property market with a joint venture with the Yulo family to develop a 63-hectare mixed-use project in Canlubang.
Rockwell disclosed to the Philippine Stock Exchange on Tuesday that it had obtained clearance from the country’s anti-trust agency Philippine Competition Commission to proceed with a joint venture with the Yulos’ Camelray Property Holdings.
Rockwell will start investing in the Canlubang project by initially purchasing and subscribing to a P450-million worth of Camelray common and preferred shares equivalent to 14.7 percent ownership.
Canlubang, a former hacienda during the Spanish colonial period, is now a thriving industrial, residential and commercial hub.
This is seen as part of Rockwell’s plan to scale up its footprint in the local property scene and become more aggressive in landbanking activities.
From a landbank equivalent of only 3 percent of its assets to date, the goal is to jack up the ratio to 12 percent this year, which will require about P4 billion to P5 billion worth of land acquisitions, Rockwell officials announced earlier this year.
This marks a shift in the company’s strategy of acquiring land only when it is ready to start building on the site. /jpv
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