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Ayala-owned Alveo gets tax reprieve for its mass housing project in Makati

By Ma. Elisa P. Osorio (The Philippine Star) Updated October 01, 2010 12:00 AM
MANILA, Philippines - Ayala-owned Alveo Land Corp. has received tax incentives from the government for a their P817- million mass housing project in Bel-Air, Makati.
The Board of Investments (BOI) has registered Alveo’s project as a non pioneer mass housing project under the 2010 Investments Priorities Plan.
The low cost mass housing project will be called The Lerato Tower I. The condominium units will be priced at P3 million each. The project will accommodate 420 low cost/economic housing units.
The housing units will be composed mainly of studio type unit with floor area measuring 31 square meters. Each unit will have one toilet and bath already tiled, living room, dining area, tiled kitchen counter with stainless kitchen sink.
The project involves a total investment of P817 million and has a manpower requirement of 430 employees. The investment covers land cost, pre-operating expenses, building construction, capital equipment and working capital.
The project is expected to start commercial operations in November. Pursuant to the general and specific guidelines of the 2010 IPP, the application qualifies for registration as new project on a non-pioneer status with a a three-year income tax holiday.
This is the firm’s second project applied for BOI registration. It has one registered mass housing project under Celadon Park Tower Two located in Felix Huertas St. Manila.
Last April, Ayala Land Corp. announced it will be spending P3 billion for its new development The Lerato in Makati Central Business District (MCBD) North.
In an interview at the launch of The Lerato yesterday, Alveo Land president Dante M. Abando said that they have earmarked P3 billion for the three tower residential development and retail area of The Lerato.
During their pre-selling last April 15, Abando reported that they have sold 115 of the 540 residential units of the first tower. This amounted to P500 million in sales and is a quarter of the entire inventory of the first tower. The first tower is expected to be completed in the fourth quarter of 2015.
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