Friday, September 4, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
THE SECOND phase of a three-tower condominium project spearheaded by a former Ayala Land, Inc. executive has qualified for tax perks, the Board of Investments (BoI) said in a statement yesterday.
A group of property developers led by the founding president of Ayala Land, Inc. will spend more than P2 billion to build the second tower of The Beacon condominium project in Makati.
New Pacific Resources Management, Inc., a partnership between Ayala Land founding president Francisco H. Licuanan III and Accra Investment Holdings, will start pre-selling Beacon Tower 2 units this month, the board said.
The planned 44-storey second tower in San Lorenzo Village, Makati will entail a P2.354-billion investment. The building will house 1,314 condominium units.
The board considered it a low-cost, mass housing project, which requires some units to be priced at a maximum of P3 million each. This qualified the project for up to four years of income tax holidays and other incentives.
All three towers are estimated to cost a total of P8 billion to build, earlier reports said. Construction of the first tower, already underway, is expected to be completed by 2011 while the second tower will be finished by 2013.
Aside from New Pacific, the project’s developers include Geo-Estate Land Development Corp., which Mr. Licuanan heads as chairman and chief executive officer, according to the project’s Web site.
Yuchengco-led EEI Corp. will be the contractor. The project will employ 238 workers, the board said.
Five other projects were also granted incentives by the Board of Investments.
Maplecrest Property Management, Inc.’s P471.072-million housing venture in Bacoor, Cavite also qualified for up to four years of income tax holidays and other incentives. Operations are slated to begin in October, providing jobs for 220 workers.
Two agriculture projects worth a total of P152.796 million were given tax perks. 555 Feather Meal Corp. will be investing P70.396 million to put up a plant in Concepcion, Tarlac that will process poultry by-products from San Miguel Foods, Inc. into feed meal. The project, which will start operations by January 2010, will employ 3,708 workers, the board said.
Dan Way Processing Corp. will also put up a poultry feed mill in San Miguel, Bulacan, worth P82.4 million. Operations are scheduled to start this month and will employ 71 workers.
The board likewise approved Far East Furniture Marketing Corp.’s application for tax incentives. The furniture exporter will be shipping out 85% of its products to the United Arab Emirates, Saudi Arabia, Italy, Kuwait and Spain.
Aeronavigation Academy International Philippines, Inc.’s P123-million investment for an aviation training school also qualified for tax incentives.
The school in Silay, Negros Occidental will employ 30 workers. The capital has already been used to purchase 19 new airplanes, among other equipment. Operations will begin this month. — J. A. D. Hermosa
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