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BOI grants tax perks to Makati apartel

Published : Thursday, September 01, 2011 00:00 [ ]

THE Board of Investments (BOI) has granted tax perks to a property developer for a tourism facility in Makati City.

In a statement, the BOI said it approved the P336.7 million Citadines Salcedo Makati Project of Valero Prime Land Realty Development Corp.

The project involves the development of 940 square meters of land and the construction of a 37-story, 212-room apartment hotel.

The proposed tourism facility will be located along Valero Street in Salcedo Village.

“This will expand the availability of tourist facilities in the country’s business capital and is in line with the country’s goal of attracting six million tourist arrivals by 2016,” Cristino Panlilio, BOI managing head said.

The Department of Tourism last April endorsed the project as an apartel.

According to DOT regulations, an apartel is any building or edifice containing several independent and furnished or semi-furnished apartments, regularly leased to tourists and travelers for dwelling on a more or less long-term basis, offering basic services to its tenants similar to hotels and with a minimum of 25 lettable apartments, each replete with residential amenities.

Each unit at Citadines will have living/dining areas, furnished kitchens and laundry areas. Room amenities will come with Internet connection and a DVD player. Other building amenities include a health and fitness center, swimming pool, tour desk, guest activity/recreation area, room service, gift shop, business center and meeting/conference rooms.

Target clients are business travelers, as well as foreign and domestic tourists on a daily, weekly or monthly basis. Start of commercial operation is slated in June 2013 with a labor requirement of 154 people.

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