AyalaLand Inc. Senior Vice President Emilio Tumbocon yesterday turned over a check for P106,384,068 to Negros Occidental Gov. Alfredo Marañon Jr. representing the lease for the 40,481-square meter Capitol area property of the provincial government in Bacolod City that it is developing into a P6 billion economic hub.
“It will be an integrated mixed use project to be like no other in Bacolod City…we are coming in with all cylinders firing”, Tumbocon said.
“After the long wait, we are relieved and we’re ready to go with the projects that we planned here in Bacolod,” he said at rites at the Provincial Capitol yesterday afternoon.
Gov. Alfredo Marañon Jr., in turn, said the entry of ALI will change the landscape of the province of Negros Occidental and Bacolod City.
It will boost the revenues for Bacolod City and Negros Occidental, and draw many other investors to the province, he said.
ALI is building a mall, an office building and a hotel on the leased Capitol property that will start early next year, while groundbreaking for a two-building condominium development on an adjacent 1.3 hectare property at San Juan Street will be next month, Tumbocon said.
“This site will be a huge construction area towards the end of next year with a lot of projects going on,” he said.
The simultaneous construction of all four projects will require a workforce of 2,500 and is expected to be completed in three years, Tumbocon said.
Amaia – one of ALI’s residential subsidiaries, is launching the two-building condominium development next month with over 550 units that will include a multi-purpose hall, swimming pool, jogging paths and landscaped areas, he said.
Meanwhile, he said the 4-storey mall will have around 50,000 square meters of leasable space and will have a mix of shopping and dining options, and areas for large assemblies and social activities.
The eight-story office building will have commercial space for lease to commercial enterprises, including BPOs, he added.
The hotel will have about 150 rooms and is envisioned to be one of the top hotels in Bacolod City, catering to both business and leisure travelers, Tumbocon said.
“All of these projects and more are coming soon, here in Bacolod City. This development program signifies our commitment to provide Negrenses a vibrant community that will showcase the AyalaLand brand of development,” he said.
This development program will bring increased economic and employment opportunities for Negros Occidental and Bacolod City, he also said.
Ayala is also set to improve the Capitol Lagoon Park for the provincial government, he added.
Marañon turned over the symbolic key to five parcels of land located along Lacson-North Capitol Road and Aguinaldo Street in Bacolod City with a total area of 40,481 square meters to Tumbocon yesterday afternoon.
Tumbocon in turn gave the governor P106 million representing the two year advanced rental and one year rental deposit of ALI, Provincial Legal Officer Mary Ann Manayon-Lamis said.
Tumbocon said ALI has been waiting two years to be able to lease the property, “As far as commitments are concerned we did not give up on Bacolod”.
The provincial government had awarded the lease and sale of its 7.7-hectare property in Bacolod City to ALI but SM Prime Holdings Inc. filed suit against the Capitol for doing so.
ALI is holding off on the purchase of the remaining of 36,587 square meters property pending resolution of the SMPHI suit.
Tumbocon said he would not comment on the matter as it could be sub judice , they will just wait. “Patience is a virtue,” he said.
Tumbocon pointed out that ALI also has a 200-hectare North Point estate in Talisay City, Negros Occidental, that has evolved into a mixed used community, already with several residential, retail, commercial and educational developments in place and under construction.
Frank Carbon, Metro Bacolod Chamber of Commerce and Industry president, said ALI’s entry into Bacolod along with Megaworld and the expansion of ShoeMart will draw more investors into the city.
They will put the city on the investment radar, he said.
Present at the turnover rites were mayors Monico Puentevella of Bacolod, Jose Montelibano of Silay, Mario Mango of San Enrique, Romel Yogore of Valladolid, Cicero Borromeo of Candoni, Patrick Esclanate of Cadiz, Ernesto Estrao of Hinobaan, the Negros Occidental provincial board members, Bacolod councilors, and business leaders.*CPG
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