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BOI grants tax perks to 5 mass housing projects

By Ma. Elisa P. Osorio Updated May 22, 2009 12:00 AM [ ]

MANILA, Philippines - The Board of Investment (BOI) has given tax incentives to five low cost mass housing projects worth nearly P5 billion.

The biggest investment is for the Tivoli Garden Residences Project of the Consunji-owned DMCI Project Developers Inc. for P3.017 billion. The project, which will begin in June, will employ 300.

The project involves developing 2.1 hectares of land on which to construct three high-rise buildings in Mandaluyong. Each building will have 24 to 28 residential levels.

Anchor Land Holdings Inc. has likewise received incentives for its P1.268- billion mass housing project dubbed as the SoleMare parksuites. This involves the development of over 6,000 square meters of land to accommodate 912 low cost mass housing units in Aseana Business Park, Paranaque City.

Two 16-story buildings will be constructed. The development project will also include feature parks, playgrounds, a multi-purpose hall, gym and swimming pools.

The project will create 340 new jobs and will start commercial operations by May 2012.

Another mass housing project to receive incentives is the Corinthians Subdivision in Cebu. The investment of Prohomes Development Inc. will be P105 million. More than 300 people will be hired as soon as commercial operations start in August.

The project covers 2.77 hectares of land located in Lapu-Lapu City Cebu wherein more than 400 low cost mass housing units will be constructed.

Filipino company Johndorf Ventures Corporation likewise received incentives for its P89-million project. The development, located also in Cebu, will hire 325 employees once it starts its operations in July.

The project is dubbed as La Bienvenida Subdivision and involves developing 2.18 hectares of raw land and constructing 311 low to medium scale houses.

The last mass housing project is worth P134 million. The Deca Homes-Minglanilla by 8990 Housing Development Corp. will be in Minglanilla Cebu. It involves the development of over 27,000 square meters of land to construct 187 low cost mass housing projects.


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