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BOI OKs incentives to housing projects worth P2.9B

[ ] June 7, 2011

Five housing projects worth a combined P2.9 billion and providing employment to around 1,200 people have secured the approval of the Board of Investments.

These are Filinvest Land Inc.’s Ocean Cove and San Remo Oasis; Duraville Realty and Development Corp.’s Mary Cris Complex 10; Household Development Corp.’s Avisea Subdivision; Livingsprings Communities Realty and Development Corp.’s Tres Palmas.

"These projects prove that the housing boom is in full swing and goes a long way towards addressing the housing backlog for the public, Trade Secretary and BOI chairman Gregory L. Domingo said.

The P206.8 million Ocean Cove project in Talomo, Davao City, involves the development of 15.6 hectares of land and construction of 118 housing units.

Ocean Cove offers a Walnut house model with a lot area measuring 118 square meters to 224 sq. m. and a floor area of 116 sq.m. Each unit will have three bedrooms, one toilet and bath already tiled, a living room, a dining area, and provision for a one-car garage, a kitchen area and roof deck. Construction is under way involving 188 personnel.

The P2.1 billion San Remo Oasis is situated on Cebu Coastal Road, South Road Properties, Cebu City. The firm will develop 3.4 hectares of land and erect eight medium-rise (5-story) buildings comprising 1,096 low-cost/economic housing units. The housing units will have an average floor area of 18.77 square meters to 41.04 square meters. Start of construction is expected in June 2011 employing 317 personnel.

Wellington Place (Mary Cris Complex) Phase 10 in General Trias, Cavite, involves 1.8 hectares of land and construction of 263 low-cost/economic housing units. With an investment of P119.8 million, construction is expected to be under way, generating employment for 32 people.

Avisea Subdivision to be located in Valenzuela City covers the development of 2.4 hectares of land and construction of two-story townhouses that will accommodate 181 low-cost mass housing units. This P87.1 million project will start the ball rolling in May 2011 employing 25 employees.

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