Low-cost housing developers seek BOI perks

MANILA, Philippines - Two property developers have filed applications with the Board of Investments (BOI) to qualify for incentives for their mass housing projects.

In a published notice, the BOI said P.A. Metro Residence Builders, Inc. (PAMRBI) “is applying for registration with the BOI as an expanding developer of low-cost mass housing project (East Residences-Ortigas II) with a capacity of 212 low-cost mass housing (condominium) units on a non-pioneer status with project site at Ciudad Grande II, Monaco Street, Ortigas Extension, Pasig City.”

The BOI said in a separate notice PAMRBI is likewise seeking incentives as a new developer of low cost mass housing project Amaranthe Project Phase I in Brgy. San Martin de Porres, Parañaque City, on a non-pioneer status.

The Amaranthe will have a capacity of 280 low-cost mass housing units.

Italpinas, Euroasian Design and Eco-Development Corp., meanwhile wants to qualify for incentives as an expanding developer of low cost mass housing project Primavera Residences Tower B, which is located at Pueblo De Oro Business Park in Cagayan de Oro City on a non-pioneer status.

The Primavera Residences Tower B will have a total capacity of 142 units.

If the applications are approved, the firms could enjoy incentives such as exemption from payment of income tax holidays as well as other perks.

Under the 2012 Investment Priorities Plan, mass housing is a preferred activity and investments in such would allow a firm to qualify for incentives from the government.

PAMRBI is a subsidiary of P.A. Alvarez Properties and Development Corp. (PAAPDC) a firm engaged in the development of residential properties and estates which started in Laguna.

PAMRBI was created after PAAPDC, decided to develop projects within Metro Manila due to rising demand in the area.

Italpinas meanwhile, is a company engaged in real estate investment development, architectural as well as design eco services.