Low cost housing projects get BOI perks

Manila, Philippines -  The Board of Investments (BOI) registered in May some P2 billion worth of investments for low-cost housing projects by six property developers.

Data from the BOI showed that the agency has registered the P951.32 million project of Amaia Land Corp. for the development of Amaia Scapes North Point, a low cost mass housing project in Talisay City, Negros Occidental.

The residential community will have 1, 379 housing units and will create 386 jobs. Commercial operation was expected to have begun last March.

Amaia Land is Ayala Land’s venture into affordable housing.

Also registered is the P172-million project of Peter The Rock Properties Incorporated for the development of the Amiya Rosa Subdivision in Lipa City, Batangas. Commercial operation is expected to have started last April. Some 122 jobs will were created.

The subdivision will have a capacity of 249 housing units.

Likewise approved for tax incentives is the P89- million investment of Shelter Systems Development Corp. for the expansion of the Sampaguita West 1 community in Lipa City, Batangas. The expansion activity is expected to yield 294 housing units and employ 145 workers.

The P40-million investment of Fadcon Realty and Development Corporation for the development of Villa Vieja 2 in Bacoor, Cavite. The expansion project is expected to produce 36 housing units and employ 63 workers. It was expected to have started commercial operations in April.

DMCI-Project Developers Inc., was granted tax incentives for the development of Siena Park Residences in Brgy. Sun Valley, Paranaque City. The investment of P755 million is expected to create 432 housing units and employ 191 workers. Commercial operations will begin in October.

Filinvest Land Inc. is likewise granted tax perks for its P891 million investment for the development of residential community One Oasis Cebu in Brgy. Kasambangan, Cebu City. Some 1,932 housing units are expected to be created and 174 new employment will be created. Commercial operation was expected to have started last month.

The Investments Priorities Plan (IPP) 2011 identifies agriculture, tourism, ship building, mass housing, energy, infrastructure, research and development, motor vehicles, green projects, creative industries, disaster prevention; and public-private partnership as strategic areas for growth and investments.

The BOI has not yet consolidated the total investments approved for the second quarter of the year.