Rockwell Land Corp. is spending P6.2 billion to cement its control of Alabang Town Center (ATC), raising its stake in the landmark southern Metro Manila property to more than 99 percent as it moves ahead with an ambitious long-term redevelopment.

In a disclosure on Thursday, the listed property developer said it executed Share Purchase Agreements with the majority of the remaining shareholders of Alabang Commercial Corp. (ACC), acquiring shares equivalent to 22.96 percent of the company's outstanding capital stock for a total consideration of P6.2 billion.

The transaction increases Rockwell's ownership in ACC from 76.3 percent to 99.26 percent, giving it near-complete control of the company that owns the 17.5-hectare Alabang Town Center.

During the company's Annual Stockholders' Meeting in June, Rockwell said it had begun the master planning of the property, tapping internationally renowned architect Carlos Ott together with local architect Jun Rodriguez of PRSP.

Over the next five to 10 years, Rockwell will target to restore the mall's old charm while evolving it into a more vibrant and experiential lifestyle destination.

"With greater ownership of the property, Rockwell Land is well positioned to advance its plans for Alabang Town Center while fortifying its portfolio of premium, integrated developments across the country," the company said.

The acquisition builds on Rockwell's expansion this year, following the turnover of Aruga Resort and Residences–Mactan, the topping off of Power Plant Mall Angeles, and the strong market reception of Cabo San Diego in Lian, Batangas.