Ayala Land to develop Bacolod govt's property; SM Prime questions deal

Property giant Ayala Land Inc. has been awarded the right to purchase and lease a 7.7-hectare lot in Bacolod City, the developer said Monday. In a statement to the Philippine Stock Exchange, Ayala Land said it has "completed the successful negotiations" for the development of a 7.7-hectare property located in San Juan St., North Capitol Road in Bacolod City. Under the terms, Ayala Land was awarded the right to purchase 3.66-hectare of the Provincial Capitol Property, and to lease the remaining 4.04 hectares for a period of 50 years. Ayala Land said it would need about P6 billion for the planning and construction of an integrated mixed-use civic and commercial district that will combine the center of government with commercial and residential uses. The property company also said that the proposed development of the property would align with the "sustained cultural, civic and economic ideals of the provincial government and of the entire province of Negros Occidental." In a separate statement, meanwhile, SM Prime Holdings Inc., the mall developer of the SM group, has questioned the award of the property development to Ayala Land. SM Prime confirmed a report, stating that it described award of the property to Ayala Land as illicit as a case has been filed by SM Prime regarding the property. SM Prime claimed that it submitted a better bid than Ayala Land’s in the July 7 bidding, which was later declared a failure. It added that Bacolod court has yet to rule on SM Prime's case. -- CMA/OMG, GMA News