Posted on May
13, 2013 09:33:06 PM [ BusinessWorld Online ]
A UNIT of
Villar-led Communities Philippines, Inc. is seeking tax incentives for a
low-cost mass housing project in Cagayan de Oro City in Northern Mindanao,
according to a notice in newspapers.
Communities Cagayan, Inc. is applying for tax
perks with the Board of Investments as an “expanding developer of low-cost mass
housing.” The perks are for its 218-unit La Miranda Crest subdivision in
Lumbia, Cagayan de Oro City.
Expanding
projects under a non-pioneer status are allowed to have tax breaks of four
years.
Mass housing
is part of this year’s investment priorities plan, which identifies industries
entitled to state incentives.
Communities
Cagayan is a subsidiary of Communities Philippines, which in turn is a unit of
Vista Land & Lifescapes, Inc.
Vista Land
reported a net income of P4.376 billion last year, up 24.04% from P3.528
billion in 2011, with total revenues growing 22% to P17.397 billion from
P14.259 billion.
It aims to
post both net income and revenue growth of 15-20% this year over 2012 levels
through higher reservation sales via flagship brand Camella Homes, and spend
about P18-20 billion for 2013, up from P15 billion earmarked for capital
expenditures in 2012.
Vista Land
shares closed flat on Friday last week at P6.99 apiece. -- ENJD
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