BOI gives perks to 3 low-cost mass housing projects

MANILA, Philippines - The Board of Investments (BOI) announced they have given incentives in the form of tax breaks to three low-cost mass housing projects worth P678 million.

Filipino-owned Kenrich Development Corp. is set to launch its housing project situated in Poblacion, Lilo-an, Cebu while Property Company of Friends Inc., one of the largest mass housing developers in the country, is scheduled to break new ground in their two successive projects located in Barangay Alapan, Imus, Cavite.

This will be the sixth housing project of Kenrich Development Corp. which will allot P 78.1 million to build 119 units on 9,998-square meter area of raw land in Lilo-an, Cebu. 

Each unit will come in the form of a two-story row house with a lot area average of 55 square meters and a floor area of 39.6 square meters. Commercial operations are scheduled to begin on August 2010.

Meanwhile, Property Company of Friends has begun its 33rd and 34th projects in Imus. It will spend P431.6 million in developing a 6.4-hectare area with an aggregate of 880 units.

On the other hand, it will shell out P168.3 million to put up 331 units in a 2.5-hectare lot. The housing units will   be twostory townhouse units with a unit floor area of 40 square meters. Commercial operations start on June 2010.

With housing reforms in place, better and stable financial terms have become the norm as the government shifted to a more market-oriented strategy to encourage private sector participation in the delivery of essential shelter services to the public, BOI said.