Ayala Land unveils P25-M development for Capitol Lagoon in Bacolod City

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BACOLOD CITY — Property giant Ayala Land Inc. (ALI) unveiled its P25-million project for the beautification and development of Capitol Lagoon and Park here.

ALI vice president Jojo Lopez presented the project Wednesday to Negros Occidental Gov. Alfredo Marañon Jr. and Vice Governor Eugenio Lacson with the members of the Provincial Board.

The development, which will start in August this year, is expected to be finished in the fourth quarter of next year.

Lopez said the P25 million is part of its P750-million lot purchase agreement with the provincial government.

Ayala Land and Capitol have two contracts, a lease and a sale, involving 7.7 hectares of prime property, totaling P6 billion. The sale contract, however, had been the subject of controversy after SM Prime Holdings Inc. (SMPHI) contested the bid and filed a petition for certiorari which was dismissed by a local court.

“We introduced improvements to the Capitol Park. It’s part of our project and agreement with the provincial government when they awarded the deed of sale to Ayala Land,” Lopez said.

He added: “We are very excited that part of our Capitol Central estate project is the introduction of improvements in Capitol Park. We hope to make it an even better place where people can relax and commune with nature, a tourist spot that will epitomize the cultural dignity and history of the people of Negros Occidental.”

Lopez added that the construction of the mall and the hotel on property covered by the lease agreement will also start in August.

For his part, Marañon said they are planning to have the Provincial Capitol building repainted to suit the development of the Capitol Lagoon and Park.