06/12/2008 [ tribune.net.ph ]
Listed SM Development Corp., the property arm of business tycoon Henry Sy, has proposed to invest over P6 billion for the development of two high-rise mass housing projects in Quezon City.
The proposed project has already been approved for fiscal incentives by the Board of Investments that would include tax breaks of up to six years.
The biggest project was the P4.8 billion Grass Residences that would be located in Barrio Sto. Kristo near SM North in Quezon City.
It would involve the construction of 35-storey three high-rise buildings composed of 4,354 units of residential units.
Start of commercial operation is scheduled in December 2008 with an estimated new jobs for 2,506 personnel.
The residential tower, meanwhile, will be located along Katipunan Road in Diliman that would involve an estimated project cost valued at P1.3 billion.
The Berkerley Residences offers 1,063 units that would be available for occupancy by December 2008.
Out of the 1,063 units, the 37-storey building has set aside 904 units that would be dedicated for mass housing. It will initially employ 568 workers. Ayen Infante
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