Ayala Land gears up for Capitol dev’t-A A +A
Wednesday, January 22, 2014
THE Ayala Land Inc. (Ali) is conducting a land survey of the 7.7-hectare Capitol properties in preparation for the drafting of the development master plan, said Negros Occidental Governor Alfredo Marañon Jr.
“We would know if they will pursue their plan to put up a convention center with 3,000 seating capacity when they present their plans to us,” Marañon said.
The lease and purchase contract between the provincial government and Ali pertaining to the said properties was already approved by the Commission on Audit.
Marañon said they expect that the local court will soon come out with a resolution of the case filed by SM Prime Holdings Inc. (SMPHI) against the provincial officials, including him, asserting that they won the second bidding held for the said Capitol property.
The Capitol properties included in the Ali deal were also cleared of buildings last year.
Based on the contracts approved by the COA, the deed of sale allows Ayala Land to purchase from the provincial government 3.6587 hectares of land worth P750 million subject to an initial payment of 50 percent, with the balance to be paid on a quarterly basis over a one-year period.
Ali can also lease 4.0481 hectares at P2,955,133 a month, with rent increasing at 10 percent every five years. Ayala is required to deposit P35,461,356 covering one year rent.
Published in the Sun.Star Bacolod newspaper on January 22, 2014.