AyalaLand Inc. will begin its project on the 40,481-square meter property it is leasing from the Negros Occidental provincial government near the Capitol in Bacolod City soon, Gov. Alfredo Marañon Jr. said yesterday.
COA approval is not needed for the lease of the property, only for the portion that will be sold, he said.
“I think by next week signboards will be put up, they (ALI) will start the project next week” on the leased section of the property, he said.
The governor on Sunday said the provincial government is filing another motion asking the COA to rule on the sale of its property to ALI, after it failed to act on the matter in its en banc meeting last week. .
Up for sale is 36,587 square meters of land also near the Capitol 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.
The lease of the 40,481 square meters will be at P2,955,133 a month, with rent escalating by 10 percent every five years, the lease contract states.
Ayala officials had earlier said their firm plans to invest P6 billion for the development of the 7.7-hectare property adjacent to the provincial Capitol into an integrated mixed-used civic and commercial district that will combine the center of government with commercial and residential use.
This would make it the new growth center of Metro Bacolod and Negros Occidental, they said.
Meanwhile, the governor said a review of the recommendations for the reorganization of provincial government employees is still ongoing.
“It is no joke to reorganize, especially since the province is huge and has many economic enterprises. We do not want to make a mistake so we are studying it well. There is a committee in charge of the re-organization,” the governor said.
“Hopefully by July there will be results,” he said.*CPG