• CHERYL G. CRUZ
The Bacolod City government is purchasing 74.75 hectares of properties, owned by the Ledesma Family in Barangay Granada, for P972 million.
The Sangguniang Panlungsod of Bacolod already authorized Mayor Alfredo Benitez to sign the Deed of Sale with representatives of the Ledesma Group of Properties, following the recommendation of the Land Banking Committee to purchase these lots “for purposes of land banking and mixed use of the City of Bacolod”.
As per the Deed of Absolute Sale, P826 million, representing 85 percent of the agreed purchase price, shall be paid “upon the execution and ratification” of the sanggunian of the agreement.
“The remaining 15 percent balance of P145.8 million shall be paid…upon the release and submission to the (City) of the Electronic Certificate Authorizing Registration relative to this, owner’s copy of the title of all subject properties…and tax declarations of all subject properties…”, the deed states.
Benitez, in his letter to Antonio Ma. Ledesma, authorized representative of the Ledesma Group of Properties, dated Sept. 26, said the “City is amenable of your counter-offer for the purchase price of P1,300 per square meter, with a total area of 747,587 square meters, or 74.7587 hectares, located in Barangay Granada, Bacolod City”.
The mayor said that “after careful evaluation of your property and considering its proximity to the existing Abada Escay Relocation Site, we find your properties suitable for land banking and mixed use of the City of Bacolod”.
The payment of capital gains tax/e-withholding tax, real estate taxed and e-VAT (if implemented) shall be borne solely by the vendors (Ledesma Group) while documentary stamp tax, fees, payments and charges imposed by any government offices or agencies related to the transfer of title of the property shall be borne solely by the vendee (City), the agreement stressed. | CGC
