BACOLOD CITY, Philippines – The Philippine Reclamation Authority (PRA) has turned over to the city government here an eight-hectare property representing its share in the reclamation project by the Bacolod Real Estate Development Corp. (Bredco).
A deed of conveyance for the prime parcel of land, worth P600 million, was signed by PRA directors Rene Enrique Silos and Virgilio Ambion, Bacolod Mayor Monico Puentevella and city administrator Rolando Villamor on Thursday.
“This will change the landscape of Bredco...It will be a big boost to the economy of Bacolod,” Puentevella said.
A tripartite agreement signed by the city government, Bredco and PRA in 2000 provides for the reclamation of an additional 108 hectares on top of the 250 hectares under the 1995 Comprehensive Revised Reclamation Agreement.
The city government plans to construct the Bacolod Arena, a multi-purpose, state-of-the-art stadium, on a portion of the land through public-private partnership.
“This will be another business growth area in the city,” Puentevella said.