The Commission on Audit was expected to come out with its decision on the sale and lease of the 7.7-hectare prime property of the Negros Occidental provincial government in Bacolod City to AyalaLand Inc. Thursday, but as of yesterday Gov. Alfredo Marañon Jr. said he had not yet heard from the COA.
The COA commissioners were scheduled to deliberate on the matter at a meeting held in Tacloban.
Meanwhile, AyalaLand is already making its plans and engineering studies for the 7.7-hectare property, the governor said.
In April Marañon and ALI president Antonino Aquino signed the deed of sale and contract of lease for the property that is part of the COA requirements for approval of the deal.
A side agreement was that ALI would immediately begin payment for the purchased and leased property only as soon as the COA officially releases its written approval of the deal, the governor said.
Sold by the Capitol was 36,587 square meters of land worth P750,033,500 subject to an initial payment of 50 percent, the deed of sale states that the balance is to be paid on a quarterly basis over a one-year period.
To be leased is a lot of 40,481 square meters at P2,955,133 a month, with rent escalating by 10 percent every five years, the lease contract states.
Ayala has committed to investing more than P6 billion in the development of the property, and it will have a tremendous effect on Bacolod City and Negros Occidental, the governor said.*CPG