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Filinvest gets ITH for P2.3-billion mass housing project

By Ma. Elisa P. Osorio (The Philippine Star) Updated April 28, 2011 12:00 AM
MANILA, Philippines – Filinvest Land Inc. has received income tax holidays (ITH) from the government for two of its mass housing projects with a combined worth of P2.3 billion.
The first condominium project, The Linear Makati will be located at Mayapis St. cor. Malugay and Yakal Sts., San Antonio Village, Makati City.
The firm will develop 7,413 sq. m. of land and will construct two 24-story buildings comprising of 1,734 units. Of this, only 1,483 units will be applied for BOI registration with package price available at P2.02 million and P2.62 million per unit. The construction cost using the conventional system is P34,404 per square meter.
The project involves a total investment of P2.276 billion, which covers site acquisition and development, condominium construction and acquisition of equipment, pre-operating expenses and working capital. The proposed project will generate 269 personnel.
The second real estate development is a subdivision project, La Brisa Townhomes located at Brgy. Punta, Calamba City, Laguna. The firm will develop a 4,943 sq. m. of land and will construct 40 low cost/economic housing units with package price available at P1.3 million and P1.5 million per unit.
The construction cost using the pre-cast system is P 13,118 per sq. m.
The project involves a total investment of P 35.46 million, which covers site acquisition and development, house construction, pre-operating expenses and working capital. This proposed project will generate 22 personnel.
The project will be located in Brgy. Punta, Calamba City, Laguna which is one of the less-served areas for mass housing, hence will be entitled to four-year ITH.
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