yung maayos po sana kase mag gagradpic at graduation na po kami. mas okay po if sa festival mismo and budget friendly. thanks po 😚 sana may mag comment huhuhu.

Hi! I know it might not be probable hahaha but do they? Thanks!

Rockwell Land (PSE: ROCK) recently increased its ownership of Alabang Commercial Corporation, the company that owns Alabang Town Center, to almost 100%. The latest purchase of a 22.96% stake for ₱6.2 billion implied an equity value of approximately ₱27 billion for the entire company. 

This valuation is remarkably consistent with the transaction completed months earlier when Ayala Land (PSE: ALI) agreed to sell its 50% stake for ₱13.5 billion, which also implied an equity value of roughly ₱27 billion.

Whenever a listed company spends billions of pesos on an acquisition, the obvious question is whether shareholders are receiving good value. In this case, the answer depends entirely on how one values Alabang Town Center.

Looking Only at Current Earnings

One challenge for investors is that neither Rockwell nor Ayala Land discloses the standalone financial statements of Alabang Commercial Corporation. As a result, there is no separate breakdown of Alabang Town Center’s revenue, net income or EBITDA.

To estimate the mall’s earnings, Financial Adviser used two independent approaches. The first estimates Alabang Town Center’s contribution based on its gross leasable area relative to the entire Ayala Malls portfolio. The second reconciles the increase in Rockwell’s commercial revenues and EBITDA following the consolidation of Alabang Commercial Corporation.

The two approaches produced remarkably similar results. Both suggest that Alabang Town Center generates approximately ₱2.2 billion to ₱2.4 billion in annual revenue and around ₱1.3 billion to ₱1.5 billion in EBITDA.

Ayala Land disclosed that Alabang Town Center has approximately 137,000 square meters of gross leasable area. Compared with Ayala Malls’ portfolio of about 2.2 million square meters, the property accounts for roughly 6% of the group’s retail footprint. 

Meanwhile, Rockwell’s first quarter 2026 results showed a sharp increase in commercial revenues and EBITDA after consolidating Alabang Commercial Corporation, with the acquisition serving as the primary driver of that growth.

If these estimates are reasonably accurate, Rockwell effectively paid about 18 to 21 times EBITDA, equivalent to an EBITDA yield of roughly 5%. 

By comparison, mature shopping malls and many listed REITs generally trade at higher cash yields, which suggest that the acquisition appears expensive when viewed solely on the basis of its current operating income.

Ayala Land’s own disclosure lends support to that conclusion. The company described the transaction as an unsolicited premium offer, which indicates that management believed it had received an attractive price for its investment.

Yet focusing only on today’s rental income risks overlooking what Rockwell actually acquired. The company was not simply buying a mature shopping mall. It was securing almost complete ownership of a 17.5-hectare mixed-use estate in one of Metro Manila’s most established business districts. This gives Rockwell the flexibility to unlock additional value over time through new residential towers, office buildings, hotels and other commercial developments.

From this perspective, the acquisition begins to look less like an expensive mall purchase and more like a long-term investment in one of the few remaining large redevelopment opportunities in southern Metro Manila.

Badly need recommendations around Alabang or Muntinlupa area huhu please please 🙏 I’m investing on my skin na I’m starting to have breakouts or a good derma around the area na wouldn’t sell me expensive products lang huhu I want something effective na talaga!

I just moved here and wanna enjoy the Alabang life while I'm still not working. How do I stay updated with events like races, live performances, conventions, flea markets, etc.?

where can I buy good quality but simple matcha lattes in festival mall?

full parking ba ang basement parking ng asian at around 11-1 or do i need to go earlier? i’m an intern and have a shift for 2-10. if there are any parking that allows until late in the evening pls let me know too thank u

Preferably around 500 pesos or below price

I'm not from the area, but I was invited to join a bazaar there. I'd like to ask if many people go to Filinvest Tent for Christmas shopping? Where do people usually go?

Hello! I want to try a new sport sana and I was just wondering if you guys know where can I take beginner classes with coaching + court? I also just moved sa Alabang recently so I do not know anyone yet. Thanks!

I am new sa area, and I’ve been going around solo; halos naikot ko na ata ang filinvest hanggang sa madrigal area. I am wondering if there’s something or somewhere I can go to meet new people? Hehe

Hi. Pls recommend your trusted flowershop in Alabang po. Maraming salamat :)