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SM condo developer seeking incentives

Posted on December 01, 2013 09:05:40 PM [ BusinessWorld Online ]

SY-LED SM Development Corp. (SMDC) is seeking government incentives for its two condominium projects in Pasay City, according to a Board of Investments (BoI) notice published in newspapers yesterday.

The incentives will be for Tower C and D of Shore Residences condominium near SM Mall of Asia in Pasay City with a total of 3,483 units.

SMDC is applying on non-pioneer status which, if approved, would entail a four-year income tax holiday and duty-free importation of capital equipment to be used in the covered projects.

The BoI is the agency that approves registration of projects that would 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 comes into force on Dec. 5 and its implementing rules and regulations will be released this month, according to Trade Secretary Gregory L. Domingo.

SMDC’s parent conglomerate, SM Investments Corp., reported last month that the condominium developer posted a flat net income of P3.27 billion in the nine months to September. -- D. E. D. Saclag        
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