Capitol, 888 ink lease for jail property-A A +A
Saturday, March 9, 2013
THE Provincial Government of Negros Occidental formally signed Friday the lease contract with 888 Chinatown Square for the 1.1 hectare property formerly occupied by the Provincial Jail at Gatuslao Street, Bacolod City.
The signing of the lease contract was made between Governor Alfredo Marañon Jr. and businessman William Ong, president and CEO of Bacolod Capitol Hill Land Development Corporation, which owns 888 China Towne Square.
Provincial Administrator Enrique Pinongan said the owner of the 888 intends to build a two-storey mall extension on the leased property, which has been cleared of the structures formerly occupied by the jail.
The mall will also construct parking spaces at the area.
The Provincial Jail has been transferred to the Capitol property in Barangay Tabunan, Bago City.
The lease contract between Capitol and 888 is good for 50 years.
Pinongan said the rental is at P75.10 per square meter per month, adding the Provincial Government had already received a total of P11,896,923.28 advance payment for one year and three months rental.
He said the 888 mall expansion will contribute to the economic progress of the province, as he pointed out many stores will open in the two-storey structure.
Pinongan said the gate of the provincial jail, which has a historical value, will be restored for posterity once the building is completed.
Published in the Sun.Star Bacolod newspaper on March 09, 2013.