ROCKWELL Land Corp. is set to launch a 63-hectare mixed use estate in Laguna by the middle of 2019, after securing approval from the Philippine Competition Commission (PCC) for its partnership with the Yulo family.
In a disclosure to the stock exchange on Tuesday, the Lopez-led property firm said the PCC approved its joint venture with Carmelray Property Holdings, Inc. (CPHI) for the development of the estate in Canlubang, Laguna.
Rockwell Land will subscribe to P450 million worth of CPHI common and preferred shares as part of its initial investment, giving it a 14.7% ownership in the joint venture company.
“We will develop a 63-hectare mixed-use project in Canlubang, set to launch by mid-2019,” a Rockwell Land representative told BusinessWorld.
In a Sept. 27 resolution, the PCC said the Rockwell Land-Carmelray deal “does not result in the substantial lessening of competition in the relevant market of luxury residential developments in Region IV.”
“No horizontal overlaps were found between the parties and there were sufficient number of other competitors in the said market,” the competition watchdog said.
Carmelray Property is part of the Carmelray Group of Companies which is engaged in the integrated development of industrial estates, townships and ancillary environmental infrastructure and services.
Rockwell Land is engaged in the residential development of high-rise condominiums as well as retail and office leasing. Its flagship project is the Rockwell Center, located next to the Makati central business district.
The PCC is mandated by Republic Act 10667 or the Philippine Competition Act of 2015 to review mergers and acquisitions to ensure that these deals do not compromise the interest of consumers.
The Rockwell Land-Carmelray joint venture (JV) is the 148th transaction approved by anti-trust body. — Arra B. Francia and Janina C. Lim