BACOLOD CITY, Feb 27 (PNA) — Property giant Ayala Land Inc. (ALI) will hold the groundbreaking rites for its multi-billion development project on the Capitol property here on March 5.
The development project includes a mall and hotel on the leased Capitol property and a condominium on the adjacent Coscolluela property that the company acquired, Provincial Administrator Enrique Pinongan.
He added that the start of the construction of the said projects may also follow within the year especially that Ayala Land has already paid for the rental of the Capitol property.
The property giant will put up a mall behind the Capitol building and a hotel beside the Philippine National Bank building.
The said properties have already been cleared of structures and were already fenced by Ayala Land, and boring tests have also been conducted, Pinongan said.
In October last year, the Capitol eventually issued the notice to proceed to Ayala Land for its lease of the 4.4-hectare property.
ALI executives then endorsed to the governor the amount of P106.384 million as two-year advance payment and one-year deposit for the five parcels of land covered by the lease agreement located along Lacson Street-North Capitol Road and Aguinaldo Street.
Gov. Alfredo Marañon Jr. said these projects are part of the realization of the province as “center for development” as several investors are coming in.(PNA)