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Vista Land subsidiary applies for tax perks

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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