Palmera Homes Inc. will build a P200- million mass housing project in Cavite which is expected to benefit close to 400 families.
The Board of Investments (BOI) has given incentives to the low cost/economic housing project of Palmera Homes as it falls under the Investment Priorities Plan of the government.
Mass housing is one of the priority projects of the National Government. All housing developers implementing a low cost housing project are required by law to allocate and invest for the development of socialized housing project for the low income group, a quantity equivalent to 20 percent of the total area of its low cost housing project.
Palmera Homes said the entire project will be financed through equities and suppliers credit. The primary market for the mass housing project dubbed as Camella Cerritos are the middle income families residing in the Las Piñas Muntinlupa area.
Meanwhile, Camella Homes and Communities has earlier announced they will invest P5 billion this year for land development and home construction.
Camella Homes president Maribeth Tolentino said Camella Homes will launch new developments in eight new cities and provinces in Quezon City, Makati City, Las Piñas City, Parañaque City, San Fernando in Pampanga, General Santos City in South Cotabato, Laoag City in Ilocos Norte, and Naga City in Camarines Sur.
“All in all, we are opening 26 new projects all over the country this year to add to our present portfolio,” Tolentino noted.
“With our new investments, we continue to pursue Camella’s corporate mission of ‘a roof over every Filipino’s head.’ For every house we build, we see a Filipino family living a better life; for every development we create, we see a Filipino community rising,” Tolentino said.