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Cityland to build P511M low-cost housing project

[ ] March 28, 2011
Cityland Inc. is spending P511.825 million for a low-cost mass housing project on Taft avenue, Manila.
A project brief prepared by the Board of Investments said Cityland will develop Manila Grand Residence, a 34-story condominium building on a 1,117-square-meter property at 1988 Taft avenue.
The development involves 534 housing units with package prices of P1.1 million and P1.5 million per unit.
The construction cost using the conventional system is P35,978 per sq. m.
This is Cityland’s fourth condominium project applied for registration. It has three other projects registered with the BOI in Tagaytay City, Pasig City and Manila.
The project was given three years of income tax holiday by the BOI and is considered a new project since it is not adjacent to the firm’s existing condominium development also located in Manila.
The 2010 Investment Priorities Plan’s specific guideline for vertical mass housing projects states that projects in less-served areas may be entitled to four years of income tax holiday.
"In general, projects in NCR may be entitled to three years," the guidelines said.
The total investment of P511.825 million covers site acquisition and development, condominium construction and acquisition of equipment, pre-operating expenses and working capital.
The project starts in May 2011.
Cityland is a company engaged in real estate business with 91 percent Filipino and 9 percent foreign (American) ownership.

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