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