Cebu Landmasters seek BOI perks for housing projects

MANILA, Philippines - Property developer Cebu Landmasters Inc. is asking for incentives from the government for a mass housing project.

In a published notice, the Board of Investments (BOI) said the firm “is applying for registration with the BOI as a new developer of low-cost mass housing project (Mivesa Garden Residences) with a capacity of 473 low-cost mass housing units on a non-pioneer status.”

The project is located at Salinas Drive Extension, Lahug in Cebu City.

The Mivesa Garden Residences is a garden community occupying a prime 1.8-hectare property.

The three-phase project which has a total of seven mid-rise buildings ranging from six to 10 floors, has pocket parks, a meditation garden as well as pedestrian pathways and jogging paths.

Cebu Landmasters can qualify for incentives such as income tax holidays for four years once its application is approved by the BOI.

Firms that invest in activities listed under the Investment Priorities Plan (IPP) can enjoy incentives from the government.

The 2012 IPP lists mass housing as a preferred activity.

Other preferred activities in the list are agriculture, agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects; disaster prevention, mitigation and recovery projects; iron and steel; and hospital or medical services.

The 2013 IPP has yet to be released but BOI officials said earlier it would just be a carryover of last year’s list.

Cebu Landmasters, a home-grown real estate development company in Cebu, was incorporated in 2003.

The firm is developing residential subdivisions under the San Josemaria Villages brand, as well as vertical projects which include Asia Premier Residences, Base Line Residences, Midori Residences and Park Centrale.

Apart from projects in Cebu, the company is planning to expand to other locations in the Visayas as well as in Mindanao.