Villar housing units seek BOI incentives

MANILA, Philippines - Two housing units of the Villar Group are seeking tax perks from the Board of Investments (BOI) for projects in Quezon City and the province of Batangas.

In a published notice, the agency said Vista Residences Inc. “is applying for registration with the BOI as expanding developer of low cost mass housing project (The Pine Crest) with a total capacity of 367 low-cost mass housing units on a non-pioneer status with project site located at Aurora Blvd. cor. Balete Drive, Quezon City.”

The project, which occupies an 8,000 square meter (sqm) property, is composed of three low-rise structures offering studio units, combined studio units and three-bedroom units.

It provides easy access to top schools, hospitals, dining and entertainment hubs and various lifestyle centers.

The BOI said Communities Batangas Inc. has also filed an application to register with the agency as expanding developer of low cost mass housing project Pine Grove on a non-pioneer status.

The project, which has a total capacity of 122 low-cost mass housing units, is located in Lipa City, Batangas.

The two firms could enjoy incentives such as exemption from payment of income tax for their projects when their applications are approved by the BOI.

The BOI provides incentives to firms which invest in activities listed in the Investment Priorities Plan (IPP).

The 2012 IPP has listed mass housing as a preferred activity.

Vista Residences and Communities Batangas are both subsidiaries of Vista Land and Lifescapes, Inc., the holding firm for the real estate businesses of the Villar family.

Vista Residences is Vista Land’s condominium arm.