Friday, March 06, 2009 [ manilatimes.net ]
THE Board of Investments (BOI) on Wednesday granted tax and other perks to two mass-housing projects and a medical tourism facility.
These three approvals would generate investments amounting to a combined P1.193 billion.
Goldland Properties and Development Corp. registered with the BOI its P803-million vertical mass-housing project called Portovita. This involves the construction of a 26-story twin-tower condominium with 594 units in a 2,313-square-meter track of land in 14th Avenue, Cubao , Quezon City. This project would generate 580 jobs when actual construction begins come May.
The BOI also approved Communities Philippines Camarines Sur Inc.’s low-cost housing endeavor dubbed Camella Naga in Naga City. This project would cost P49.543 million, wherein 417 bungalow houses would be built on 13.5 hectares of land in Maharlika Highway, Barangay del Rosario in the said city. The project would generate 170 jobs when its commercial operations start this month.
The Portovita and Camella Naga mass-housing projects are the first-time BOI registrations of their respective proponents.
Besides the two mass housing projects, the BOI awarded pioneer status to Professional Services Inc.’s P340-million wellness and aesthetic center inside the Medical City premises in Ortigas Avenue, Pasig City. The incentive-giving agency said this investment was given pioneer status based on its magnitude, as the project would cost around $7.21 million (at an exchange rate of P47.18 to $1), thus exceeding the minimum investment requirement of $2 million.
For this project, two new levels, the sixth and seventh floors, would be constructed, adding 2,291-square-meter atop the Podium Building, BOI said. The sixth floor would cater to outpatients while the seventh floor would contain 14 rooms for in-patients. These additional facilities would take in 50 employees when commercial operations commence in July next year.-- Ben Arnold O. de Vera
