A contract for the 50-year lease of the former site of the Negros Occidental Provincial Jail at Gatuslao Street, Bacolod City, owned by the Negros Occidental provincial government, was signed yesterday.
The contract was signed by Negros Occidental Gov. Alfredo Marañon Jr. and William Ong, president of the Bacolod Capitol Hill Land Development Corp.
An 888 Chinatown Square phase two will be built at the site, Provincial Administrator Enrique Pinongan said.
Construction of the two-storey mall with a parking area in the basement will start immediately, he added.
The property that is a little over one hectare was leased by BCHLDC for P75.10 per square meter with the amount to escalate in the future, Pinongan said.
The BCHLDC yesterday paid the provincial government P2,391,784 as its three-month security deposit, and P9,567,139 for its one year rent, he said.*CPG