Guv bats for review of Capitol development project

GOVERNOR Alfredo Marañon Jr. is batting for the review of the Capitol Development Project amid reports of a rapid appreciation of property prices at the heart of Bacolod City.

Marañon made the statement, citing Sun.Star-Bacolod published in January 23 on the statement of Metro Bacolod Chamber of Commerce and Industry President Frank Carbon that the real estate boom in Bacolod City is noticeable and that such trend will redound to an upswing economy in the province.

"I believe that, as far as property prices are concerned, Sun.Star-Bacolod report is correct in saying that ‘property prices have gone up to new levels, especially near the city’s center’,” said the governor.

He also cited the report that sales of properties along the city’s main artery of Lacson Street is already going at about P35,000 per square meter, up almost by 50 percent from last year’s about P20,000.

“If it is true that the Capitol area is expected to breach the P40,000 per square meter benchmark, then we are happy that, more than a year ago and ahead of this economic boom, we had the vision of developing the Capitol property not only to preserve the legacy and perpetuate its history but to also have it upgraded for the benefit of our people into a modern and landmark township – complete with a convention center, hotel, business and residential buildings and other amenities," Marañon said, referring to the project planned by Ayala Land Inc. for the 7.7-hectare Capitol property.

"It makes sense to take advantage of this tremendous appreciation of the value of the Capitol property by reviewing the development project and the additional income we will get from the higher price it can fetch now," he said.

Marañon said he would leave it to whoever will be the next governor of Negros Occidental to undertake this Capitol development project.

The 7.7-hectare property of the Capitol has stagnated for almost two years already because of the Commission on Audit’s delay on the approval of the contract for the sale and lease of the property between the provincial government and ALI. There is also a pending case before the court pertaining to the project after SM Prime Holdings questioned the results of the second bidding conducted on the said properties.

Marañon said it may take some more months before the court decision comes out.

"So I leave that to the next governor and certainly I will still be the next governor," he said.