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DMCI housing unit wants tax incentives

Posted on 11:53 PM, January 06, 2011 [ BusinessWorld Online ]
A UNIT of Consunji-led DMCI Holdings, Inc. has applied for incentives for the construction and sale of two low-cost condominiums in Metro Manila, the Board of Investments (BoI) said.
DMCI Project Developers, Inc. is seeking tax perks for the 485-unit Magnolia Place condominium on Tandang Sora Ave. Extension in Quezon City and the 476-unit East Raya Gardens condominium in Barangay San Miguel, Pasig, the BoI said in a notice published on Wednesday.
Both are styled on the company’s Web site as “residential communities” composed of medium-rise buildings. The project site in Quezon City measures 3.29 hectares while the one in Pasig City sits on a 2.9-hectare lot.
The BoI did not disclose the two projects’ cost, but units at the Pasig development go for as low as P2.2 million while those in Quezon City sell for a minimum of P2.3 million, according to the company Web site.
Mass housing projects are among the preferred business activities eligible for tax perks under the current Investment Priorities Plan (IPP).
Developments that offer at least 20 units costing a maximum of P3 million each can qualify for income tax holidays and duty-free importation of equipment.
The firm had qualified for a three-year income tax holiday for its P1.315-billion development of five condominiums in Las Piñas City.
BoI Managing Head Cristino L. Panlilio earlier said mass housing projects could again be eligible for incentives as it was included in the draft 2011 IPP up for public consultation today.
DMCI Holdings President Isidro A. Consunji was among industry leaders who lauded this development, noting that it would help keep housing prices affordable and that the firm has several mass housing projects lined up.
DMCI Project Developers recently secured approval from corporate regulators to increase its authorized capital to allow it to obtain property from its main shareholders.
On Dec. 30, the Securities and Exchange Commission (SEC) allowed DMCI Project Developers to hike its authorized capital to P5 billion from P3 billion.
Of the P2-billion increase, P538.13 million was subscribed to by parent firm DMCI Holdings and construction arm D.M. Consunji, Inc.
This was paid for by real estate, documents from the corporate regulator showed.
DMCI Holdings secured 33.27 million shares in DMCI Project Developers worth P33.27 million in exchange for 6,654 square meters of land in Barangay Ususan, Taguig. For its part, D.M. Consunji paid P367.52 million through a lot in an undisclosed location.
Furthermore, D.M. Consunji transferred P101.73 million worth of shares in two joint venture projects -- Willow Park Homes in Cabuyao, Laguna and Mahogany Place 3 in Barangay Ususan, Taguig -- totaling 19,047 square meters.
DMCI Project Developers, which operates under the brand name DMCI Homes, accounted for P1.01 billion of the listed DMCI Holdings’ net income of P5.8 billion in the nine-month period that ended in September last year.
DMCI Holdings share prices closed at P36.55 apiece yesterday, down 0.8% from Wednesday. -- Jessica Anne D. Hermosa
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