Aboitiz, Ayala housing projects get BOI perks

MANILA, Philippines - The Board of Investments (BOI) has granted tax incentives to two mass housing projects one by Aboitiz Land Inc. and the other by Ayala-led Avida Land. The two projects have a combined worth of P475.2 million.

The Aboitiz Land projects called Ajoya Residences Phase 3, is located in Barangay Gabi, Cordova, Cebu. It involves the development of 2,977 has. of land and the construction of 148 low-cost/economic housing units. The house construction cost using the conventional system is P10,240 per sqm.

This is the firm’s third mass housing project in Barangay Gabi, Cordova, Cebu. It has 11 existing housing projects located in Mandaue and Talisay, Cebu. which are not registered with the BOI.

The project involves a total investment of P230 million covering costs for land acquisition, site preparation, pre-operating expenses, house construction and working capital and has manpower requirement of 168 personnel.

Start of commercial operation is in January 2013.

The Avida Land project, called Avida Towers San Lazaro Tower 5, is at the San Lazaro Hippodrome, Felix Huertas street corner A. H. Lacson street, Sta. Cruz, Manila. It involves the development of 2,540 sqm of land and the construction of one tower building with 20 storeys.

This facility will accommodate 392 mixed housing units of which 227 are qualified for registration, with selling price ranging from P1.7 million to P3.0 million each. The remaining 165 units will have prices above P3.0 million each.

This is the firm’s 15th application for BOI registration. The 14 existing mass housing projects registered or with applications are located in Tayabas, Quezon, Sto. Tomas, Batangas, Naga City, Cavite City, Sta. Cruz, Manila, Cebu, Alabang and Makati City. The proposed project is adjacent to its existing condominium buildings Avida Towers San Lazaro 1 to 4. As such, this application is considered as expansion.

The project involves an investment of P245.2 million which covers land cost, pre-operating expenses, site preparation, capital equipment, building construction and working capital and has a manpower requirement of 261 employees.