Vol. XXI, No. 228-A [ BusinessWorld Online ]
Saturday, June 21, 2008 | MANILA, PHILIPPINES
Phoenix Sun International Corp. has obtained tax incentives from the government for its P1.1-billion low-cost mass housing project.
Based on Board of Investments (BoI) documents, the Filipino real estate developer will build low-cost housing projects dubbed El Pueblo Manila and El Pueblo One.
El Pueblo Manila will sit on 6,613 square meters of land and will consist of 1,103 residential units in mid-rise buildings. Around 98% of these units are classified as low-cost, BoI documents showed.
Meanwhile, El Pueblo One will consist of mid-rise buildings on a 7,045-square meter land. It will have 480 residential units.
The company is investing P1.1 billion for the project, which is expected to generate 168 jobs. The project will start commercial operations this February.
BoI said these projects are labor-intensive and may offer income to less skilled laborers.
"BoI favors projects of this kind to respond to the growing need for decent living spaces and to absorb in-country population and expatriates as well," it said.
"With the price ranges offered, these could very well be prospective investments for the working middle class and workers overseas," it added.
It added that the project requires investments on infrstructure such as roads, drainage and sewerage system, power and water supply; and urban services such as parking, solid waste management, greening and tree planting.
Phoenix Sun’s application for registration as a new developer of low-cost mass housing projects is consistent with the 2007 investment priorities plan, which lists infrastructure as a priority sector. — Bernardette S. Sto. Domingo
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