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BoI approves P10-B low-cost condo project in Tondo

Posted on December 30, 2016 [ ]

THE Board of Investments (BoI) has approved a P10.18-billion low-cost condominium project to be undertaken by a unit of property developer 8990 Holdings, Inc.

In a statement, BoI said Tondo Holdings Corp.’s project falls under the existing Investment Priorities Plan (IPP) which lists economic and low-cost housing as one of the government’s preferred investments.

The wholly owned subsidiary of listed mass housing developer 8990 Holdings is currently building the Urban Deca Homes Manila project. It is expected to be operational by January, creating over a little over 800 jobs.

The project involves the development of around 85,000 square meters along Vitas Street, Tondo in Manila, with the construction of thirteen 13-storey buildings with an estimated 13,212 units.

Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said Tondo Holdings’ project is in line with the government’s 10-point socioeconomic agenda, especially as it helps the needs of the rising middle class.

“This project will go a long way towards addressing the big demand for affordable housing among the rising middle class,” he said.

Units at Urban Deca Homes Manila are expected to be priced within the range of P700,000 to P2 million per unit. Although the project still falls under the IPP 2014-2016, its ceiling price already complies with the IPP 2017-2019 requirement.

Trade Secretary Ramon M. Lopez previously told reporters that the IPP 2017-2019 would be lowering the cap for selling price of its housing units to P2 million from the current maximum price of P3 million.

The housing backlog as of 2016 is around 5.7 million units, according to the Housing and Urban Development Coordinating Council. The updated Housing Industry Roadmap shows the backlog is expected to breach 12.3 million units by 2030.

“The BoI, for its part, has approved 996 housing projects with an aggregate capacity of around 464,000 units as of October 2016. This represents 10.1% of the housing backlog for low-cost housing between 2001 and 2015,” Mr. Rodolfo said. -- Roy Stephen C. Canivel

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