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2 more SM condos get incentives

[ Malaya.com.ph ] December 17, 2010
SM Development Corp. (SMDC) has obtained Board of Investment incentives for two more condominium projects, its 10th and 11th, with a combined cost of P5 billion.
SMDC is spending P3.79 billion for Light Residences Towers 1 and 3 on EDSA and Madison street in Mandaluyong City.
Light Residences is a vertical mass housing project that involves the development of 12,940 square meters of land and the construction of two condominium buildings with 34 stories each.
The housing units will be composed of studio and one-bedroom units measuring 20 sq. m. and 28 sq. m., respectively.
A total of 2,660 low cost/economic housing units will be built and sold with package price ranging from P1.8 million to P2.2 million each.
SMDC is spending another P1.25 billion for My Place @ South Triangle Building 1 and 2 on Panay avenue,. Barangay South Triangle, Quezon City.
The project involves the development of a 4,874 sq.m. of land and the construction of two condominium buildings with 25 stories each.
A total of 1,739 low cost/economic housing units will be built and sold with package price ranging from P800,000 to P2.6 million each.
The housing units will be composed of studio type measuring 20 sq. m. and one-bedroom and two-bedroom types measuring 28 sq. m. and 40 sq. m., respectively
Project costs for both cover the land cost, pre-operating expenses, site preparation, capital equipment, building construction and working capital.
Both will be in commercial operations in March 2011.
Light Residences Towers 1 and 3 has a manpower requirement of 734 while My Place@South Triangle requires 371 workers.
Based on the specific guidelines of the Investment Priorities Plan on vertical mass housing projects, both Light Residences and My Place will be entitled to three years in income tax holiday each since they are located in the National Capital Region. Projects in underserved areas get four years holiday.
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