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Ayala finally bags N. Occidental lot

Posted on April 30, 2012 10:38:29 PM [ BusinessWorld Online ]

BACOLOD CITY -- The provincial board of Negros Occidental yesterday ratified the signed contracts for the sale and lease of the 7.7-hectare of state property to Ayala Land, Inc. (ALI) despite earlier pronouncements that the project had been shelved.

The board’s concurrence came four days after Governor Alfredo G. Marañon, Jr. signed both the deed of conditional sale and contract of lease with ALI President and Chief Executive Antonino T. Aquino and Senior Vice-President Jose Emmanuel H. Jalandoni.

“The Commission on Audit will issue a ruling as soon as it receives copies of the signed deed of sale and contract of lease,” Mr. Marañon said.

During a special session Monday morning, 12 board member unanimously passed two separate resolutions ratifying the signed deed of conditional sale and the contract of lease.

Ayala Land has proposed a P6-billion development dubbed The Capitol Civic Center for the 7.7-hectare property. -- NLG

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