Friday, May 22, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
THE PROPERTY arm of Consunji-led DMCI Holdings, Inc. has obtained tax perks for a P3-billion condominium project in Mandaluyong, the Board of Investments said yesterday.
DMCI Project Developers, Inc.’s Tivoli Garden Residences, which has three high-rise buildings with a total 1,260 units, was considered a mass-housing project, which qualifies for fiscal incentives.
The investments board granted the project "non-pioneer" status, which means a four-year income tax holiday starting June 2009. Three hundred new employees will be hired for the project, the board said.
Tivoli Garden Residences was considered a mass-housing project eligible for a four-year income tax holiday.
Low-cost mass housing projects are deemed preferred activities under the Investment Priorities Plan.
The Consunji realty unit had received tax perks in the past for other property ventures, such as Rosewood Pointe Residences in Taguig and Ecoland 4000 Residences in Davao City.
DMCI Holdings, Inc. closed at P6.20 yesterday, down 3.125% from Wednesday.
The board also granted tax perks to four other mass-housing projects.
Three of these will be in Cebu. 8990 Housing Development Corp. will be spending P133.806 million to build 187 housing units; Prohomes Development, Inc., P105 million for 404 units; and Johndorf Ventures Corp., P89 million for 311 units.
Posh Properties Development Corp., meanwhile, will spend P1.268 billion to construct two 16-storey condominiums with a total of 912 units, the investments board said.
The four projects will generate 1,275 jobs, the board said.