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.