AyalaLand Inc. is seeking the conversion of the zoning classification of the Negros Occidental provincial Capitol property in Bacolod City it is set to lease, from institutional to commercial, Provincial Administrator Enrique Pinongan said yesterday.

It is seeking the conversion through an amendment of a zoning ordinance by the Bacolod Sangguniang Panlungsod, he said.

ALI presented its request before the Bacolod SP Wednesday, and the ordinance for conversion will be included in the SP agenda for next week, Councilor Jocelle Batapa-Sigue said yesterday.

ALI will begin its development on its leased section of the Capitol property first when it gets the zoning conversion, Pinongan said.

The 40,481-square meter property it is leasing is located at Gatuslao Street behind the provincial Capitol, and at the North Capitol Road facing the Capitol Lagoon Park, he added.

Under the contract signed by ALI, it will pay the provincial government P2,955,133 a month as lease of the 40,481 square meters, with rent escalating at 10 percent every five years.

Ayala is also supposed to deposit P35,461,356 covering one year rent, the contract states.

In its 2011 presentation, AyalaLand said it will build a hotel and retail structure along the North Capitol Road, and more retail structures behind the Capitol building.

It is not known yet when AyalaLand will finalize the purchase and develop the remaining 36,587 square meters at Gatuslao Street contained in a contract it signed with the provincial government.

Under a deed of sale signed by ALI, it will pay the Capitol P750,033,500 for the 36,587 square meters.*CPG

back to top