The Negros Occidental provincial government is turning over 40,481 square meters of land along Gatuslao Street and the North Capitol Road in Bacolod City to AyalaLand Inc. tomorrow.
The turnover rites, to be attended by Gov. Alfredo Marañon Jr. and top officials of ALI, will be held 3:30 p.m. at the Provincial Capitol Social Hall.
ALI is leasing the property at P73 per square meter, or P2.95 million a month, Acting Provincial Legal Officer Mary Ann Manayon Lamis said.
ALI is investing about P5 billion in a hotel and mall set to rise on the Capitol property it is leasing, and a condominium building on land it purchased from the Coscolluela family, at San Juan Street in Bacolod City, its Senior Vice President, Emilio Tumbocon , said earlier.
ALI is set to build a 5-storey mall on the 3.3 hectare provincial government property behind the Capitol, and a hotel along the North Capitol Road beside the Philippine National Bank, Raejie Juance, ALI project development officer, said.
Before the end of the year, ALI will also break ground for the construction of the nine-storey Amaia Steps condo building on the 1.3-hectare property it bought along San Juan Street, he added.*CPG
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