Ayala's Avida Land gets perks for mass housing project

MANILA, Philippines -  The Board of Investments (BOI) has given tax breaks to the P423.7 million mass housing project of Ayala-owned Avida Land Corp.

The mass housing project of the Ayalas will be located at the Madrigal Business Park. The project is dubbed as Avida Towers Alabang Tower One.

The facility will accommodate 498 mixed housing units of which only 319 are qualified for registration, with selling price ranging from P1.6 million and P2.4 million each. The remaining 179 units will have prices above P3 million.

The housing units will be composed of studio and one bedroom types measuring 22.4 sq.m. and 36.79 sq.m., respectively. Each unit will be composed of one bedroom, tiled toilet and bath, living room, dining room, tiled kitchen counter with stainless kitchen sink, and utility area for the one bed-room type. The house construction cost using both the conventional system is P44,874 per sqm.

This is the firm’s 13th application for BOI registration. It has 12 existing mass housing projects registered with the Board, four are vertical and eight are horizontal. These are located in Tayabas, Quezon, Sto. Tomas, Batangas, Naga City, Cavite City, Sta. Cruz, Manila and Makati City.

The project involves the investment of P423.7 million and has a manpower requirement of 385 employees. The project is expected to start commercial operation in March 2011

Pursuant to the general and specific guidelines of the 2010 IPP, the application qualifies for registration as new project with non-pioneer status with three years ITH since this is located in NCR, not among those listed as less served areas.