PCC clears Rockwell, Yulo joint venture

MANILA, Philippines — Rockwell Land, the property developer of the Lopez Group, has received the green light from the Philippine Competition Commission to proceed with its joint venture with the Yulo family.

The joint venture involves the Yulo family’s Carmelray Property Holdings Inc. which will be developed into a 63-hectare mixed use project in Canlubang, Laguna.

“Rockwell will invest in the project by initially purchasing and subscribing to P450 million worth of Carmelray common and preferred shares equivalent to 14.7 percent ownership,” Rockwell said in a recent disclosure to the Philippine Stock Exchange.

Rockwell is a major property player in Metro Manila known for its high-end projects starting with its flagship Rockwell mixed-use development in Makati.

In recent years, it expanded outside Metro Manila including an economic housing project in Batangas and residential projects in Cebu.

It is also building the P6.2 billion Aruga Resort and Residences, located on a 4.7-hectare property along Punta Engano in Cebu.