The Philippine Competition Commission said Tuesday it approved the joint venture of Rockwell Land Corp. TGN Realty Corp., NepWell Property Management Inc. and siblings Hilda Aurora Valdes, Patrick Adrian Valdes and Theresa Gracia Valdes.
The transaction involves the development of a 36,489-sqm mixed-use property in Angeles City, Pampanga, with residential, commercial and retail components through a joint venture company.
Under the agreement, Rockwell and TGN will infuse the capital for the undertaking, while TGN and the Valdes siblings will contribute the land for the project.
Rockwell, TGN Realty and the Valdes siblings will invest in the project through the purchase and subscription of shares in the joint venture.
The PCC said the Mergers and Acquisitions Office found that the transaction would not result in substantial lessening of competition in real estate market in Pampanga or nationwide.