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SMDC seeks tax perks for low-cost housing proj

by Louella D. Desiderio (The Philippine Star) | Updated April 10, 2013 - 12:00am
MANILA, Philippines - Residential property firm SM Development Corp. (SMDC) has filed an application with the Board of Investments (BOI) to qualify for tax breaks for a mass housing project in Tagaytay City.
In a published notice, the BOI said SMDC is applying for registration with the agency as “an expanding developer of low cost mass housing project (Wind Residences Tower 5)...on a non-pioneer status with project site at E.Aguinaldo Highway, Brgy. Maharlika West, Tagaytay City.”
The Wind Residences Tower 5 has a capacity of 500 low-cost mass housing (condominium) units.
Occupying a 15-hectare property, the Wind Residences project has 10 20-story towers offering views of Taal Lake and the Metro Manila skyline.
SMDC would be entitled to incentives such as income tax holidays should the BOI approve its application.
To encourage more firms to invest in priority activities in the country, the government is offering incentives.
The 2012 Investment Priorities Plan or the country’s investment promotions blueprint has included mass housing as a preferred activity.
Also listed as preferred activities are agriculture or agribusiness and fishery; creative industries or knowledge-based services; energy; shipbuilding; infrastructure; research and development; green projects; motor vehicles; strategic projects; disaster prevention, mitigation and recovery projects; iron and steel; and hospital or medical services.
SMDC is focused on the premium middle market.
Aside from Wind Residences, it has other projects in different parts of Metro Manila such as Grace Residences, Breeze Residences, Grass Residences, the Field Residences, Princeton Residences, Sun Residences, Light Residences, Blue Residences, Mezza II Residences, Green Residences, Shell Residences, M Place South Triangle and Rose Residences.
The Sy family is looking to complete the merger of its mall and property units this year.
The move is expected to allow the company to be competitive when the Southeast Asian region’s economic integration becomes a reality in 2015.
The Sy family’s real property operations are under SM Land, Inc. while SM Prime Holdings, Inc. handles the development as well as operation of malls.
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