Posted on December 09, 2013 10:00:42
PM [ BusinessWorld Online ]
A UNIT of property developer Ayala
Land, Inc. is applying for government incentives for its “affordable” condominium
project in Quezon City, according to a Board of Investments (BoI) notice
published in newspapers yesterday.
Amaia Land Corp. is seeking fiscal and non-fiscal perks on non-pioneer
status for its Amaia Skies Cubao Tower 3 project in Barangay Socorro, Cubao,
Quezon City.
If the firm’s application will be
approved, it will enjoy a four-year income tax holiday; duty-free importation
of capital equipment to be used in the project covered; permit to employ
foreign nationals in supervisory, technical or advisory positions for five
years from date of registration; and simplification of customs procedures for
importation of equipment and raw materials.
BoI is the agency that approves
registration of projects that qualify for such incentives.
Mass housing is covered in the 2013
Investment Priorities Plan (IPP) the government released last month which
identifies sectors that can avail of state incentives. Other sectors identified
in the IPP are agriculture, agribusiness and fisheries; creative industries or
knowledge-based services; shipbuilding; iron and steel; energy; infrastructure;
research and development; green projects; motor vehicles; strategic projects;
hospital and medical services; as well as disaster prevention, mitigation, and
recovery projects. The 2013 IPP came into force on Dec. 5 and its implementing
rules and regulations will be released this month, according to Trade Secretary
Gregory L. Domingo. It will remain in effect until the 2014 IPP is released.
According to Amaia Land’s Web site,
Amaia Skies Cubao is its first high-rise condominium. The three-tower
development is located near Gateway Mall, SM Hypermarket Cubao, and Metro Rail
Transit Cubao Station. Other residential projects by Amaia Land are
house-and-lot development Amaia Scapes in Cavite, Tarlac, Batangas, Laguna,
Quezon, and Negros Occidental, as well as mid-rise condominium Amaia Steps in
Bicutan, Parañaque City; Novaliches, Quezon City; in Calamba City, Laguna; and
in the San Miguel area, Pasig City.
Aside from Amaia Land, other Ayala
Land brands are Ayala Land Premier, which caters to the high-end market; Alveo
Land, Inc., which targets the upper- and middle-income segment; Avida Land
Corp., for affordable housing; and BellaVita Land Corp., for socialized
housing.
Ayala Land in August infused P1.1
billion in fresh capital into Amaia Land to partly finance its capital
expenditure.
Ayala Land booked P10.33 billion in
net income as of the third quarter, up 27.85% from P8.08 billion a year ago.
Revenues jumped 37.86% to P57.71 billion from P41.86 billion, while cost and
expenses climbed 41.62% to P43.76 billion from P30.90 billion.
Ayala Land shares lost 55 centavos or
2.03% to close P26.55 apiece yesterday. -- D. E. D. Saclag
_________________________________________________________________
