By Louella D. Desiderio (The Philippine Star) | Updated December 9, 2013 - 12:00am
MANILA, Philippines - The residential arm of the SM Group has filed an application with the Board of Investments (BOI) to qualify for tax perks for its mass housing project in Pasay City.
“SM Development Corp. (SMDC),...is applying for registration with the BOI as a new developer of low-cost mass housing project (Shore Residences Tower C and Tower D) with a capacity of 3,483 low-cost mass housing (condominium) units on a non-pioneer status,” the BOI said in a notice.
The project is located at Seaside inside SM’s Mall of Asia Complex.
If the application is approved, SMDC can enjoy income tax holidays.
The BOI is offering incentives to encourage firms to invest in activities being promoted by the government.
The activities which can qualify for BOI incentives are listed in the Investment Priorities Plan (IPP) which is released every year.
The 2013 IPP has identified mass housing as a preferred activity.
Other preferred activities listed in the 2013 IPP are agriculture or agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; iron and steel; infrastructure; research and development; green projects; motor vehicles; strategic projects; hospital or medical services; and disaster prevention, mitigation and recovery projects.
The 2013 IPP also has a mandatory list covering industries that require their inclusion as provided for under existing laws and covers export activities as well as priority activities identified by the Regional BOI of the Autonomous Region in Muslim Mindanao.
SMDC is a residential property developer focused on the premium middle market.
It currently has 13 ongoing residential condominium projects all over Metro Manila such as Grass Residences, Field Residences, Sun Residences, Light Residences, Jazz Residences, Blue Residences, Mezza II Residences, Green Residences, Shell Residences, M Place, Shine Residences, Breeze Residences and Grace Residences.
It likewise has a condominium project, Wind Residences, in Tagaytay City.