Rockwell, Yulos form JV
By: Doris Dumlao-Abadilla - Philippine Daily Inquirer
Upscale property developer Rockwell Land Corp. is debuting in Laguna’s robust property market through a joint venture with the Yulo family that will develop a 63-hectare mixed-use project in Canlubang.
Rockwell disclosed to the Philippine Stock Exchange yesterday that it had obtained clearance from antitrust 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 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. From a land inventory equivalent to 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 said 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.
Recently, Rockwell has also started developing projects in Cebu. It is developing the 5.3-hectare seaside estate Aruga Resort and Residences in Punta Engaño, Mactan. Its first residential project in Lahug, Cebu, 32 Sanson, now has a thriving community as the first two towers—Raffia and Gmelina—have been sold out. The remaining two towers are scheduled for completion by 2019 and 2020, respectively.
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