BOI grants tax breaks to two mass housing projects in Cebu

MANILA, Philippines - The Board of Investments (BOI) has given tax breaks to two mass housing projects worth P1.4 billion in Cebu and Davao.

 8990 Cebu Housing Development Corp. applied for perks for its mass housing project, Deca Homes Mactan 5 Subdivision, in Basak, Lapu-Lapu City, Cebu. This involves the development of 9.4 hectares of land and the construction of 1,196 low-cost mass housing units with package price ranging from P872,000 to P936,800 per unit.

The land development shall be based on B.P. 220 rules and standards comprising basically of model lot areas measuring 40 sqm to 52 sqm. The housing project will be composed of two-story townhouses each with floor area of 55 sqm, two bedrooms, toilet and bath already tiled and tiled kitchen counter.

The project involves a total investment of P 574 million, covering costs for site preparation, pre-operating expenses, house construction and working capital, and has a manpower requirement of 232 personnel.

Commercial operation will start this month.

Pursuant to the general and specific guidelines of the 2010 Investment Priorities Plan (IPP) on low-cost and socialized mass housing project, the application qualifies for registration as new with non-pioneer status.

Meanwhile the other mass housing project by 8990 Housing Development Corp., Deca Homes Esperanza Subdivision, in Tigatto, Buhangin District, Davao City involves the development of 29.3 has. of land and the construction of 2,072 low-cost mass housing units with package price of P 750,000.00 per unit.

The housing project will be composed of one-storey single-attached units with floor area of 35 sqm. Each unit will have two bedrooms, tiled toilet and bath and tiled kitchen counter.

This is the firm’s 19th application for BOI registration. The other 18 subdivision projects are located in Cebu, Davao and Naga City. Being located outside its existing projects sites in Davao City (Cabantian, Buhangin and Tugbok), the firm’s proposed application is considered as new.

The project involves a total investment of P 849.885 million covering costs for site preparation, pre-operating expenses, house construction and working capital and has manpower requirement of 200 personnel.