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SM property firm seeking tax incentives for QC condo

Posted on February 22, 2011 10:46:14 PM [ BusinessWorld Online ]
SM Development Corp. (SMDC) is seeking tax breaks for the P2.4-billion second tower of its condominium project in Quezon City before the possible lowering of the mass housing price ceiling kicks in.
The Sy-led developer filed an application for incentives with the Board of Investments for Sun Residences Tower 2, the state agency said in a published notice.
The planned 1,947-unit building on España Boulevard corner Mayon Street complements the 2,057-unit Sun Residences Tower 1 which was granted tax perks late last year.
Commercial operations for Tower 1 starts in January 2014 while that for Tower 2 is slated earlier in August 2013, according to data the firm made available to BusinessWorld yesterday.
SM Development is investing P3.1 billion for the first tower, the construction of which was estimated to generate 457 jobs, according to earlier reports.
Under the current Investment Priorities Plan (IPP), mass housing projects with units priced at a maximum of P3 million each are eligible for incentives such as income tax holidays and the duty-free importation of equipment.
Units at the two-tower Sun Residences will sell for as low as P1.8 million and as high as P3.5 million, SMDC data show.
The Board of Investments, however, had announced a proposed policy change wherein developers will have to sell units at a lower P2 million apiece if they want to qualify for tax perks under the draft 2011 IPP.
Malacañang has yet to approve the new IPP.
In the meantime, SMDC has bagged the state agency’s approval for incentives for pending projects, which aside from Sun Residences Tower 1, include condominium developments dubbed My Place @ South Triangle in Quezon City, Light Residences in Mandaluyong, and Wind Residences in Tagaytay. -- Jessica Anne D. Hermosa

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