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P1.73B housing projects Ok’d

[ ] May 17, 2011
Six housing projects worth P1.73 billion were approved by the Board of Investments (BOI) in just a day.
Masaito Development Corp. is investing P700 million to expand its low-cost horizontal mass housing project called Vallejo Place Phase 4 in Barangay Pasong Buaya, Imus, Cavite.
This project involves the development of 12 hectares of land for the construction of 773 housing units with package prices ranging from P1.15 million to P 2.29 million per unit.
This is the firm’s second housing project applied for BOI registration. It has eight existing horizontal housing projects in different sites: Parañaque, Las Pinas, Pampanga and Cavite (Imus, New Molino and Buhay na Tubig).
The proposed project is adjacent to another of the firm’s project, Vallejo Place phases 1 to 3, which makes this project an expansion entitled to three years of income tax holiday.
The firm will employ 315 employees when it starts commercial operations this month.
The second project is that of DMCI-Project Developers Inc., which is investing P620 million for a low-cost mass housing called Cedar Crest at Acacia Estates, Barangay Bambang, Taguig City.
DMCI will develop 3.77 hectares of land and will construct 10 medium-rise buildings (five floors each) consisting of 999 housing units.
Only nine buildings will be applied for BOI registration as one building is already considered as existing. The nine buildings have 407 qualified units with package price at P2.6 million per unit.
The floor area per unit is 45 sq. m. and the construction cost using the conventional system is P24,809 per sq. m.
This is the firm’s 11th housing project applied for registration. It has 10 existing projects all of which are BOI-registered in Taguig City, Parañaque City and Mandaluyong City, Pasig City, Quezon City and Las Piñas City.
The proposed project is adjacent to the firm’s existing condominium building, Amaranth, which makes this project an expansion.
CHMI Land Inc. also a Filipino-owned company, is putting up a P202.624 million condominium project, Kassel Residences, in Barangay Moonwalk, E. Rodriguez, Parañaque City.
The firm will develop 2.5 hectares of land and construct seven mid-rise condominium buildings.
The buildings will have a total of 363 housing units with package prices of P762, 000 and P1.2 million per unit. Each housing component will be mainly big studio, garden, and typical units with floor areas of 33 sq. m., 25 sq. m. and 25 sq. m., respectively.
The construction cost using the conventional system is P14,189 per sq. m.
This is the firm’s third housing project (vertical) applied for registration. It has two existing projects (both horizontal housing-BOI registered) located in Batangas and Laguna. The project is not adjacent to the firm’s other existing housing projects, hence considered as new.
The project will generate employment for 711 people when it starts commercial operations in June.
The proposed project is entitled to three-year ITH as it is located in the national capital region.
Kenrich Development Corp. is investing P87.4 million for the expansion of its low-cost mass housing project.
Villa Celina 2B Subdivision is located in Tungkil, Minglanilla, Cebu and is the firm’s ninth mass housing project to be registered with BOI.
The project involves land development of 18,687 sq. m. and construction of 191 units: 149 units of two-story rowhouses and 42 units of duplex houses at a package price of P697,500 and P901,500 per unit, respectively.

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