Phoenix Sun gets tax perks for housing project
Phoenix Sun International Corp, a 100 percent Filipino-owned company, received tax perks from the government for its P1.066 billion low cost mass housing project.
The Board of Investment (BOI) said the firm’s application for registration as new developer of a low-cost mass housing project is consistent with the 2007 Investment Priorities Plan (IPP) coverage on Infrastructure under the sub-category of low-cost mass housing.
With the price ranges offered, the project could be a prospective investment for the working middle class and overseas Filipino workers (OFWs).
According to the BOI, the projects are labor-intensive and may offer income to less skilled labor. Over 150 new jobs are expected to be generated.
The BOI favors projects which produce job opportunities to respond to the growing need for decent living spaces and to absorb in-country population and expatriates as well.
For El Pueblo Manila, it involves developing approximately 6,613 square meters of land and the construction of medium-rise buildings in overlapping phases consisting of 1,103 residential units.
The firm said around 98 percent of the units will be classified as low cost.
The BOI said the firm would have to build infrastructure and utilities like roads, drainage and sewerage system, power and water supply; and urban services such as parking, solid waste management, greening and tree planting.
Commercial operations will start next February.
Meanwhile, El Pueblo One, involves constructing a condotel residential space anchored on a well-defined concept of Lifestyle Integration of Well-Kept Affordable Shelter (LIKAS).
Around 7,045 square meters of land will be developed with medium-rise buildings in overlapping phases consisting of 480 residential units, also dedicated to low-cost/economic housing units.
The land and residential building developments of both projects will be based on BP 220 rules and standards.
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