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2 housing projects get incentives

[ ]  April 20, 2011
Two major developers have obtained incentives for their Metro Manila mass housing projects.
Avida Land, an Ayala company, is investing P245 million for Avida Towers San Lazaro Tower 5 at the San Lazaro Hippodrome at Felix Huertas and A.H. Lacson streets in Sta. Cruz, Manila.
This is Avida Land’s 15th application for Board of Investment registration. Of the 14 existing mass housing projects registered/applied for with the BOI, six are vertical and eight are horizontal.
The proposed project is adjacent to existing condominium buildings Avida Towers San Lazaro 1 to 4, which qualifies the project as expansion with three years of income tax holiday.
The project involves development of 2,540 square meters of land and the construction of one 20-story tower.
This facility will accommodate 392 mixed housing units, of which 227 are qualified for registration, with selling prices ranging from P1.7 million to P3 million.
The remaining 165 units will have prices above P3 million.
The land development will be based on P.D. 957 rules and regulations. The housing units will comprise studio and one-bedroom types measuring 22.7 sq.m. and 39.6 sq.m., respectively.
Each unit will have one bedroom, tiled toilet and bath, living room, dining room, tiled kitchen counter with stainless kitchen sink, one assigned drying cage on the roof deck and balcony on selected units on the 17th floor. The construction cost using the conventional system is P28,561.88 per sq.m.
The P245.2 million investment covers land cost, pre-operating expenses, site preparation, capital equipment, building construction and working capital
The project started commercial operations last April with a manpower requirement of 261.
Aboitiz Land Inc. is investing P230 million in its third mass housing project, Ajoya Residences Phase 3 in Barangay Gabi, Cordova.
The project involves development of 2.977 hectares of land and construction of 148 low-cost/economic housing units (horizontal) that offer six house models with price ranges of P1.71 million to P2.87 million
Aboitiz Land has 11 existing housing projects (of which 10 are horizontal and one vertical), in Mandaue and Talisay, Cebu. These are not BOI-registered.
Ajoya Phase 3 is contiguous to its other projects, Ajoya Phases 1 and 2, which will share common facilities, e.g., entrance gate, perimeter fence, parks and playgrounds.

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