SMDC gets BOI perks for P5-billion mass housing projects

MANILA, Philippines - SM Development Corp. (SMDC), the property development unit of the SM Group, has received tax incentives from the government for its two mass housing projects with a combined investment of P5.04 billion.

The two condominium projects are South Triangle and Light Residences.

 Light Residences will rise in the corner of EDSA and Madison St. in Mandaluyong City and will involve the development of 12,940 square meters of land and the construction of two condominium buildings with 34 storys each.

The project involves a total investment of P3.79 billion covering land cost, pre-operating expenses, site preparation, capital equipment, building construction and working capital, and has a manpower requirement of 734 employees. The project is expected to start commercial operation in March 2011.

A total of 2,660 low-cost/economic housing units will be built and sold, with a package price ranging from P1.8 million to P 2.2 million each. The housing units will be composed of studio and one bedroom types measuring 20 sqm and 28 sqm, respectively.

This is the firm’s 10th application under its vertical mass housing project. It has five existing mass housing projects (all Board of Investments-registered) located in Quezon City (Sto. Cristo, Katipunan Ave. and Gilmore St.), Sta. Mesa, Manila and San Dionisio, Parañaque City.

The second project is the My Place @ South Triangle located along Panay Ave., Brgy. South Triangle in Quezon City. This involves the development of 4,874 sqm of land and the construction of two condominium buildings with 25 storys each. A total of 1,739 low cost/economic housing units will be built and sold with a package price of between P800,000 to P2.6 million each.

The housing units will consist of studio units measuring 20 sqm, and one bedroom and two- bedroom types measuring 28 sqm and 40 sqm, respectively.

The project involves a total investment of P 1.25 billion (which covers land cost, pre-operating expenses, site preparation, capital equipment, building construction and working capital) and has a manpower requirement of 371 employees.

The project is also expected to start commercial operation in March 2011.