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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