BACOLOD CITY – Bacolod Capitol Hill Land Development Corp., owner and operator of 888 Chinatown Square mall, has been awarded the lease contract for the old Negros Occidental Provincial Jail property on Gatuslao St. here.

Provincial Administrator Enrique Pinongan said the developer submitted a bid of P75.10 per square meter for the 10,616-square meter old jail site situated across the mall.

They will pay a monthly lease is P797,261.60, he said.

In their proposal submitted last year, Bacolod Capitol Hill proposed to construct a three-storey structure estimated to cost P400 million. A space will be set aside for parking area and the rest of the spaces will be rented out for commercial use.

Gov. Alfredo Marañon Jr. said the developer also plans to build a walkway that will connect the 888 Chinatown Square to the building that will be constructed on the jail property.

In 2008, Bacolod Capitol Hill, composed of local Filipino-Chinese businessmen led by William Ong, leased the 1.2-hectare lot, where the 888 Chinatown Square now stands, from the provincial government. The area is previously the site of Negros Occidental Tennis Association courts.

The developer rents the property for P200,000 a month under a 35-year contract.

Provincial Legal Officer Jose Maria Valencia had earlier said the 888 Chinatown Square has spurred development in the provincial government properties near the Capitol.

After their business became successful, other companies have also expressed interest in buying and leasing other Capitol properties, Valencia said.*NLG