MANILA - The Commission on Audit (COA) has approved a contract for Ayala Land Inc. to develop a 7-hectare property in Bacolod, weeks after ALI decided to pull out from the project.

The award had been questioned by Henry Sy's SM Group, which said it had submitted a superior offer.

ALI welcomed the COA approval, but it said its decision to back out from the project is final.

ALI instead it wants to focus on on North Point, a luxury residential project also in Bacolod. -- ANC, Business Nightly