Section 8. The Capital City Planning Commission herein created is hereby authorized to acquire, through direct purchase at a price not exceeding the assessed value as of January one, nineteen hundred forty-six, or through the institution of expropriation proceedings, all private estates included within the area described in section 2 hereof.

The price of each lot to be charged by the government to the public shall be at cost plus six per centum on cash basis. If the lot is to be sold on installment basis an interest at the rate of four per centum per annum shall be added to the original cost of the lot in addition to the six per centum referred to above. In the computation of the actual cost of the lot for sale to the public, the expenses incurred by the government in preparing the subdivision plan including the cost of construction of streets, bridges, and other municipal improvements shall be added to the original purchase price of the private estate. The rate of lease per square meter in the commercial and industrial zones shall be fixed by the Commission with the approval of the President: Provided, however, That award of lease or sale shall be made as far as practicable to the highest bidder.