Rockwell eyes ABC-CBN site redevelopment
ABS-CBN confirmed that it ‘has been in discussions with real estate developers, including Rockwell Land, even prior to the start of the pandemic for possible redevelopment plans of its property in Quezon City’
Lopez-led property developer Rockwell Land Corp. is pursuing its shelved plan of redeveloping the 3.4-hectare property in Quezon City where the headquarters of broadcasting giant ABS-CBN Corp. is located.
Responding to recent reports, the listed company informed the Philippine Stock Exchange that the plan is part of the company’s undertaking to “search for properties to develop in the usual course of its business.”
“Rockwell Land has been studying the possibility of redeveloping the ABS-CBN property even prior to the outbreak of the Covid-19 pandemic,” the company said.
“However, there is no agreement to date between Rockwell land and ABS-CBN with respect to the property,” it added.
ABS-CBN in discussions with developers
In a separate disclosure, ABS-CBN also confirmed that it “has been in discussions with real estate developers, including Rockwell Land, even prior to the start of the pandemic for possible redevelopment plans of its property in Quezon City.”
“No deal has been agreed upon at this time,” the company said.
Rockwell Land is the property arm of the Lopez family. Among others, the Rockwell Center in Makati City serves as the company’s flagship development.
Meanwhile, ABS-CBN, after Congress nixed renewal of its franchise in 2020, has been innovating its business operations — from a network giant, it is now transitioning to become a content company.
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