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Low-cost housing projects nationwide get BOI perks

Friday, September 26, 2008 [ manilatimes.net ]

THE Board of Investments recently granted tax incentives and other perks to six low-cost mass housing projects costing over P1 billion that will be implemented all over the country.

P. A. Alvarez Properties and Development Corp. will invest around P413.5 million in a housing project in Bo. Laggam, San Pedro, Laguna, consisting of 1,267 residential units in a 13.3-hectare track of land. The complex, to be named St. Joseph Village 10 Phase 3, will employ 430 people as operations start this month.

Also, Stateland, Inc. will put up a P307-million mass housing investment in Barangay Anabu II, Imus, Cavite, which will involve the development of 4.3 hectares of land and the construction of 202 houses. It is expected to generate 181 jobs when commercial operations begin in October.

Meanwhile, Crown Communities Inc. has pledged P173.8 million to build 538 units in Lumbia, Cagayan de Oro City. The housing project, called Portico II, will rise in a 12.4-hectare complex. Commercial operations begin this month, and will create 297 new jobs.

Tax incentives were also awarded to Regent Pearl Development Corp., which will develop four hectares of land and construct 264 low-cost housing units for its P81.4-million Bayview Homes project. It will employ 222 people, and will start commercial selling in October.

Mandaue, Cebu-based Kenrich Development Corp. was also given tax perks for its Villa Lorena Subdivision, which costs P22.9 million and will rise in a 6,394-square meter track of land in Li-loan, Cebu. Commercial selling of its projected 41 housing units begins in November. The project is expected to generate 68 new jobs.

Casa Regalia Inc.’s San Marino North Annex housing project was also granted tax incentives for its P9.5-million investment that will see the construction of 29 residential units in 4,092 square meters of land, and will employ 20 persons.

According to BOI, these low-cost mass housing projects would be put up through conventional construction methods, and would utilize locally sourced materials. These residential units are targeted to sell to members of the working middle class and overseas Filipino workers.

BOI said it supports these housing investments in response to the growing demand for affordable living quarters. Ben Arnold O. de Vera

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