• CHERYL G. CRUZ
The Bacolod City government will buy 18 hectares of real property of Del Rio Realty and Development of Bacolod Inc. in Barangay Granada, for P268.63 million, for land banking and mixed use of the local government, including as relocation site.
The source of funds will be the P4.4 billion loan of the city with the Development Bank of the Philippines (DBP).
Mayor Alfredo Benitez has already been authorized by the Sangguniang Panlungsod Jan. 24 to sign the Deed of Absolute Sale with Casey Olive Zayco, the company’s corporate secretary and authorized representative.
Benitez, in a letter of intent addressed to company president Mel Andrea Rivero dated Jan. 10, 2024, offered to purchase the 179,087 square-meter property at P1,500 per sq.m., or for the total amount of P268,630,500.
“The seller shall be responsible to pay all taxes, fees, and expenses related to the transfer of ownership in the name of the City, such as documentary stamps, tax, VAT (value-added tax), expanded withholding tax, transfer tax, and registration expenses at the Register of Deeds,” the mayor’s letter added.
Rivero, in a letter-reply dated Jan. 17, accepted the city’s formal offer, and thanked Benitez “for considering our property and for the opportunity to contribute to the growth and the development of our beloved “super” city”.
Under the Deed of Absolute Sale, P228,335,925, representing 85 percent of the purchase price, shall be paid to Del Rio Realty “upon the execution and ratification of the SP of this agreement”.
The remaining 15 percent balance of P40,294,575 shall be paid by the city upon the release and submission of the company of the Electronic Certificate Authorizing Registration (E-CAR) relative to this sale, and the Owner’s Copy of the Title as well as tax declarations of all subject properties already in the name of the city government.
This is the third property purchase of the Benitez administration for land banking and mixed use funded by the DBP loan.
In October last year, Benitez signed the Deed of Sale with representatives of the Ledesma Group of Properties for the purchase of 74.75 hectares of properties in Barangay Granada, for P972 million, or at P1,300 per square meter.
The following month, the LGU also purchased about 25 hectares of land in Barangay Felisa at P128.6 million, or P500 per square meter, for the expansion of the City’s sanitary landfill site.
Under the P4.4 billion DBP loan secured by the city government in April last year, more than P1 billion has been earmarked for lot acquisition or land banking. | CGC
