SMDC applies for tax perks for Quezon City project

MANILA, Philippines - Sy owned SM Development Corp. (SMDC) is applying for tax breaks or a three-year income tax holiday (ITH) for its mass housing project worth P3.11 billion in Quezon City.

The proposed project is dubbed Sun Residences Tower 1. It will be located in España Blvd. Cor. Mayon St., Quezon City. It involves the development of 5,916 square meters of land for the construction of a 35-storey condominium building. A total of 2,057 low cost oreconomic housing units will be built and sold with package price ranging from of P 1.8 million to P3 million each.

SMDC is applying for BOI registration as a new developer of mass housing project (Vertical) on a Non-Pioneer Status.

SMDC said that pursuant to the general and specific guidelines of the 2010 IPP, the application qualifies for registration as new project on a non-pioneer status with a three-year ITH.

This is the firm’s sixth application for BOI registration under vertical mass housing project. The five existing mass housing projects, all BOI-registered, are located in Quezon City (Sto. Cristo, Katipunan Ave. and Gilmore St.), Sta. Mesa, Manila and San Dionisio, Parañaque City.

The project involves a total investment of P3.11 billion and has a manpower requirement of 457 employees. The project is expected to start commercial operation in December 2010.