By Ma. Elisa P. Osorio (The Philippine Star) Updated January 15, 2011 12:00 AM
MANILA, Philippines - The P225-million mass housing project of George Ty-owned Federal Land Inc. has received tax breaks for four years from the government, the Board of Investments (BOI) reported yesterday.
The proposed mass housing project Oriental Garden Heights to be located in General Trias, Cavite involves the development of 8,512 sq.m. of land and the construction of three condominium buildings. The buildings will accommodate a total of 232 low-cost condominium units with average package price of P1.67 million per unit.
This is the firm’s eight application for BOI registration under vertical mass housing project. Its other condominium projects are located in Makati City, Quezon City, Marikina City and Paco Manila.
The project will be located in Region IV-A. Based on the 2010 IPP Specific Guidelines for vertical mass housing projects, it states that projects in less served areas, as may be determined by the Board, may be entitled to four years income tax holiday (ITH).
The project involves a total investment of P224.9 million which covers land cost, pre-operating expenses, site preparation, capital equipment and building construction.
The project is expected to start commercial operation this month.