By VC Cabuag
Lopez-led Rockwell Land Inc. on Monday said it struck a deal with Juan D. Nepomuceno Realty Group to start the construction of an upscale mixed-use property in Angeles City in Pampanga, which would be the listed company’s first in Central Luzon.
Rockwell Center in Nepo, Angeles is set to launch by the second half of the year with its first residential building being targeted for turnover by the fourth quarter of 2025, and the succeeding buildings to be launched in the years to come, the company said.
The 3.6-hectare property will be located at the heart of Nepo Center in Angeles. It will be a mixed-use development, with 4 mid-rise residential buildings and retail areas.
“This joint venture between Rockwell Land and Juan D. Nepomuceno Realty Group will cater to Pampanga’s well-heeled market and elevate lifestyle experiences in the region,” the company said.
This is the first Rockwell Center outside of Makati. It will also have its own Power Plant Mall, an upscale retail and food and beverage brands.
The company said its Pampanga mall will “offer a similar taste of its flagship establishment”.
Future residents will also enjoy amenities, such as swimming pools, a function room, fitness gym and a multi-purpose court, as well as ample room for fresh air with a lawn and pocket gardens, dedicating 70 percent of the property to open spaces, the company said.
The Philippine Competition Commission in October has approved the deal between the two groups. In the proposal, Rockwell and the Nepomuceno’s TGN Realty Corp., will infuse the capital for the undertaking.
TGN and siblings Hilda Aurora N. Valdes, Patrick Adrian N. Valdes and Theresa Gracia N. Valdes will contribute the land for the project.
Rockwell, TGN Realty and the Valdes siblings shall invest in the project through the purchase and subscription of shares in the joint venture company that will be called Nepwell Property Management Inc.
NepWell was incorporated in 2019 and is the vehicle firm for the transaction under parent firm J Ten Equities Inc.
The Nepomuceno property firm was established in 1979 to manage their residential and commercial portfolio across the city.
The Nepomuceno Group of Companies have also expanded their interests in retail, utilities, and education since its founding in 1921, which include Nepo Mart, Holy Angel University and Angeles Electric Corp., among others.
Source: https://businessmirror.com.ph/2021/05/04/rockwell-to-start-developing-angeles-project/
