DMCI gets tax incentive for P1.3-B mass housing project

MANILA, Philippines –  Consunji-led DMCI Project Developers Inc. will be entitled to an income tax holiday (ITH) for its P1.315-billion mass housing project in Las Piñas City.

DMCI-Project Developers is a 100-percent Filipino-owned company engaged in real estate business. It is applying for BOI registration as an expanding developer of low cost mass housing (vertical) on a non-pioneer status under the 2010 IPP.

The proposed project, Ohana Residences, will be located at Brgy. Almanza Uno, Alabang-Zapote Road, Las Piñas City. The firm will develop 2.25 hectares of land and will construct five medium-rise buildings to be called Anahola, Lanikai, Kauai, Lanai and Hanalei. These buildings will accommodate a total of 560 housing units with average package price ranging from P1.27 million-P2.92 million per unit.

Based on the 2010 IPP, the project qualifies for registration as an expansion project on a non-pioneer status, with a three-year ITH.

This is the firm’s eighth condominium project applied for registration. It has seven existing projects (BOI registered) in Taguig City, Parañaque City and Mandaluyong City.

The project will be adjacent to the firm’s existing condominium buildings (Honolulu and Maui — not BOI-registered), hence considered as expansion.

The project involves a total investment of P 1.315 billion, which covers site acquisition and development, condominium construction and acquisition of equipment.

Start of commercial operation is December 2010.