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BOI grants perks to two mass housing projects

By Ma. Elisa P. Osorio (The Philippine Star) Updated January 01, 2011 12:00 AM
MANILA, Philippines - The Board of Investments (BOI) has given tax breaks to two mass housing projects with a combined value of almost half a billion pesos.
Locally-owned firms Masaito Development Corp. and USA Development Corp. were given income tax holidays (ITH) by the government for their low-cost housing projects.
Masaito is in the real estate business to develop subdivisions, construct houses, both commercial and residential, build edifices, building and other structures, manufacture dwelling components and parts, and to engage as a general contractor.
The proposed project, Springfield Properties, to be located at Brgy. Molino lll, Bacoor, Cavite involves the development of 1.4 hectares of land for the construction of 120 townhouses with a package price of P1.1 million per unit.
This is the firm’s first mass housing project applied for BOI registration. It has seven existing horizontal housing projects located in different sites.
The project involves a total investment of P80 million which covers land cost, pre-operating expenses, site preparation, capital equipment, building construction and working capital, and has a manpower requirement of 45 employees.
The project is expected to start commercial operation this month.
Meanwhile, USA Development is applying for BOI registration as a new developer of vertical mass housing project on a non-pioneer status under the 2010 Investment Priorities Plan.
This is also the firm’s first mass housing project applied for registration.  Since its incorporation, the firm is involved in rental of land located at San Francisco Del Monte, Quezon City.
The proposed project, D’ACE Plaza, to be located at the corner of United and Brixton streets in Kapitolyo, Pasig City, involves the development of 2,590 square meters of land and the construction of two 21-story condominium buildings that will accommodate 288 low-cost housing units with prices ranging from P 1.8 million to P2.3 million and 74 units with a selling price of over P3 million.
The project involves a total investment of P366.3 million which covers land cost, pre-operating expenses, site preparation, capital equipment, building construction, working capital and a manpower requirement of 187 employees.
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Century Properties unit doubles capital to P400 million

By Zinnia B. Dela Peña (The Philippine Star) Updated January 01, 2011 12:00 AM
MANILA, Philippines - Century Limitless Corp., a unit of the Century Properties Group which focuses on the middle or affordable market, is doubling its authorized capital to P400 million.
Based on documents submitted to the Securities and Exchange Commission (SEC), Century Limitless will have a total subscribed capital of P375 million, of which P283.65 million has been paid.
Parent firm Century Properties subscribed P159.4 million to Century Limitless’ increase in capitalization.
Century Limitless sells condominium units costing P3 million and below. For its first project, the company is developing Azure Urban Resort Residences, a P10 billion urban resort type of conodominium project located on a six-hectare lot in Bgy. Marcelo Green, Parañaque right beside SM Bicutan.
Azure, a joint venture with Columbian Motors owner Jose Alvarez, will have nine 19-storey buildings of 700 units per tower.
The first building, Rio, is offering 756 one, two and thee-bedroom units in bare or fully-fitted options at an average price of P1.9 million for a 26-square meter unit with a balcony area, or for as low as P17,000 a month.
Century Properties, known for its high-end projects, has tied up with state housing fund Pag-IBIG, to provide financing for prospective buyers. Pag-IBIG offers a P3-billion ceiling for housing loans to its members.
The group’s foray into the middle-income market is expected to generate revenues of P14.2 billion over a seven-year period.
Century Properties, which has an established market presence in five key regions overseas, is  the developer of the upscale Essensa East Forbes in Bonifacio Global City, Grand Soho Makati, Canyon Ranch, The Casitas and The Moderno in San Lazaro Leisure Park, Carmona; and Soho Central in the Greenfield District of Mandaluyong.
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Property firm acquires lot in Rizal

Posted on 08:24 PM, December 30, 2010 [ BusinessWorld Online ]
LISTED REAL estate firm Interport Resources Corp. has acquired a 74-hectare lot in Rizal province from occupants of the property for P260 million.
Interport Resources told the stock exchange it entered into a memorandum of agreement (MOA) with PrimeEast Properties, Inc. last Dec. 29 in connection with the purchase.
Under the deal, PrimeEast Properties “ceded, transferred and assigned, unto Interport Resources, all its rights, interests and participations over certain lots in Binangonan, Rizal containing an area of 74.3 hectares.”
The lots form part of the parcels of land already covered by land titles held by Interport Resources. But the property is occupied by “bona fide occupants with registered titles or with lengths of possession which [have] ripened into ownership,” the company said.
In 1991, the Supreme Court settled a dispute between both parties, ruling in favor of the “superior rights” of the bona fide occupants to land titles.
Interport Resources said P75 million will be paid upon the implementation of the agreement. The balance of P185.06 million will be paid from loans, placements, or sales of Interport Resources from the development of the Binangonan lot.
“Release of the titles on the lots in Interport Resources’ name shall be made by PrimeEast Properties within 120 days after the receipt of payment, the area of which lots shall correspond to the payments made,” the listed company said.
The board chairman and president of PrimeEast Properties, Frisco San Juan and Alexander G. Asuncion, respectively, are both directors of Interport Resources. Mr. Asuncion is also the president of the listed property developer.
In November, Interport Resources Corp. sold its 896.05-hectare parcel of land at Barrio Bintuan in Coron, Palawan to Calamianes Islands Holdings Corp. for P171 million.
On Aug. 6, the listed firm entered into a joint-venture deal with Dreamhauz Management and Development Corp. to develop the former’s 299,810-square meter land in Binangonan into a residential subdivision.
Interport Resources was incorporated in 1975 to engage in the acquisition, reclamation, development or exploration of land, forests, minerals, oil, gas and other resources. In July 1978, the company acquired a 2,200-hectare property in Binangonan, signaling its shift to real estate.
Shares in Interport Resources, whose net loss widened to P47.19 million in the fiscal year that ended in September from P34.68 million in the previous year, closed P0.14 higher at P0.83 apiece on Thursday. -- Neil Jerome C. Morales
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Construction of 400,000 mass housing units a year pushed

By BERNIE CAHILES-MAGKILAT
December 28, 2010, 11:24pm [ Manila Bulletin Online ]
MANILA, Philippines – To bring down the four million housing unit backlog and help eradicate poverty, there should be an effort to build 400,000 units of socialized mass housing annually.
Edgardo B. Lacson, a board member of the Home Development Mutual Fund or Pag-ibig and president of the Employers Confederation of the Philippines, said this in light of the burgeoning housing backlog in the country, especially in the National Capital Region.
Lacson said that Pag-Ibig alone has total exposure of P46 billion in socialized housing program in the country.
Pag-Ibig provides housing loans to its members and to developers of mass housing projects at modest interest rate.
While Lacson said that Pag-Ibig can continue its role in addressing the huge housing backlog in the country, he also reiterated the need for the government to come up with a comprehensive national housing policy in the country through the creation of a Department of Housing.
A proposed bill on the creation of the Department of Housing and Urban Development, a super-agency for housing and land development, which was filed during the 14th Congress is being revived in the present Congress.
At present, there have been different housing programs under various government housing agencies.
Aside from Pag-Ibig, other government agencies with the mandate to provide shelter to Filipinos include National Home Mortgage Finance Corp., National Housing Authority and Housing and Urban Development Coordinating Council.
“All these should be consolidated in one body so we can rationalize our housing program,” Lacson said.
“These various government agencies undertaking housing programs have different policies and most of the time they are just competing against each for the same market that they serve,” he said.
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