MANILA, Philippines — Property giant Ayala Land Inc. is investing P6 billion to redevelop the provincial capitol property of Negros Occidental in Bacolod City into a 7.7-hectare mixed use civic and commercial district.
In a disclosure to the Philippine Stock Exchange on Monday, ALI said it had completed negotiations for the development of the provincial capitol’s property. ALI was awarded the right to purchase 3.66 hectares of the property and to lease the remaining 4.04 hectares for a period of 50 years.
ALI said the project would combine the center of government with commercial and residential uses, “making the growth center of Metro Bacolod and Negros Occidental — the Capitol Civic Center — one-of-a-kind convergence of business community and government.”
The proposed development will be consistent with the vision of developing the Provincial Capitol property in a manner that will realize and uphold the sustained cultural, civic and economic ideals of the provincial government and of the entire province of Negros Occidental,” the disclosure said.