SMDC gets tax incentives for three mass housing projects

MANILA, Philippines - Sy-led SM Development Corp. (SMDC) has been granted an income tax holiday (ITH) for three mass housing projects with a combined investment of P6.2 billion.

The Board of Investments (BOI) grants fiscal and non fiscal incentives to mass housing projects under the 2010 Investments Priorities Plan (IPP).

The first mass housing project called Jazz Residences-Tower B involves a total investment of P2.584 billion located at corner of Nicanor Garcia St. and Metropolitan Avenue, Brgy. Bel-Air, Makati City, it involves the development of 6,708 sqm of land and the construction of one condominium building with 40 storys.

The facility will accommodate 1,727 residential units of which 1,656 are qualified for IPP registration having a selling price of less than P3 million.

The housing units will be composed of one bedroom with floor areas of 23.73 sqm. and 32.53 sq.m. Each unit will be composed of one bedroom, toilet and bath already tiled, living room, dining area, tiled kitchen counter with stainless kitchen sink. The estimated construction cost using the conventional system is P35,761 per sq.m.

It has a manpower requirement of 716 employees. The project is expected to start commercial operation in December 2011.

The second mass housing project is My Place @ South Triangle Towers C and D to be located in Panay Ave. Brgy. South Triangle, Quezon City involves the development of 3,666 sqm of land and the construction of two condominium buildings with twenty-five storys each. The facility will accommodate 1,540 low cost/economic housing units with package price ranging from P1 million to P2.7 million each.

This proposed project is adjacent to My Place @ South Triangle Bldg. 1 and 2, its existing registered housing project in Panay Ave. Brgy. South Triangle, Quezon City and will share common facilities such as gate, main roads and amenities.

The project involves a total investment of P1.18 billion and has a manpower requirement of 371 employees.

The third mass housing project, also known as Sun Residence Tower 2 will be located in España Blvd. cor. Mayon St., Barangay Sta. Teresita, Quezon City. The proposed project is adjacent to its existing BOI-registered housing project, the Sun Residences Tower 1 and will share common facilities such /amenities with Tower 1.

The proposed project involves the development of 4,477 sq. meters of land and the construction of one condominium building with 40 storys that will accommodate a total of 1,982 residential units. However, only 1,947 units are low cost/economic housing units with package prices ranging from P 1.7 million to P 2.5 million each.