[ manilastandardtoday.com ] November 22, 2010
by Julito G. Rada
SM Development Corp., the property unit of the SM Group of retail tycoon Henry Sy, is investing P1.05 billion for a mass housing project in Tagaytay City, documents from the Board of Investments show.
The project in Barangay Tagaytay West, called Wind Residences Towers 1 and 2, involves the development of 22,597 square meters of land and the construction of two 20-story condominium buildings.
SMDC is building 1,499 low-cost, economic housing units and selling them at prices ranging from P1.8 million to P3 million each. The housing units will be composed mainly of studio and one-bedroom types measuring 20 square meters and 35 sq. m., respectively.
The project cost of P1.05 billion covers land cost, pre-operating expenses, site preparation, capital equipment, building construction and working capital. It expects to generate 576 job. Construction is expected to start next month.
A BoI source said the project is entitled to a four-year income tax holiday under the government’s mass housing program.
The Tagaytay project is SMDC’s seventh application for BoI registration under the vertical mass housing project. The firm’s other mass housing projects are in Quezon City (Sto. Cristo, Katipunan Ave. and Gilmore St.), Sta. Mesa, Manila and San Dionisio, Parañaque City. It recently sought incentives for the Sun Residences Tower 1, located at España corner Mayon St. Quezon City, which costs P3.11 billion.
The 35-story Sun Residences condominium project involves the development of 5,916 sq. m. of land and the construction of a condominium building. It offers 2,057 low-cost housing units for sale at prices ranging from P1.8 million to P3 million each.
The housing units will be composed mainly of studio, one-bedroom and two-bedroom types measuring 20 sq. m., 29 sq. m. and 44 sq.m., respectively. The project is scheduled to start commercial operations in December and employ 457 workers.
Latest data from the investment board showed that it approved 63 mass housing projects in the country from January to August this year. The projects cost a combined P20.280 billion and generated 17,901 jobs.