SMDC gets tax incentives for three mass housing projects

Sy-led SM Development Corp. (SMDC) has been granted an income tax holiday (ITH) for three mass housing projects with a combined investment of P6.2 billion.

The Board of Investments (BOI) grants fiscal and non fiscal incentives to mass housing projects under the 2010 Investments Priorities Plan (IPP).

The first mass housing project called Jazz Residences-Tower B involves a total investment of P2.584 billion located at corner of Nicanor Garcia St. and Metropolitan Avenue, Brgy. Bel-Air, Makati City, it involves the development of 6,708 sqm of land and the construction of one condominium building with 40 storys.

The facility will accommodate 1,727 residential units of which 1,656 are qualified for IPP registration having a selling price of less than P3 million.

The housing units will be composed of one bedroom with floor areas of 23.73 sqm. and 32.53 sq.m. Each unit will be composed of one bedroom, toilet and bath already tiled, living room, dining area, tiled kitchen counter with stainless kitchen sink. The estimated construction cost using the conventional system is P35,761 per sq.m.

It has a manpower requirement of 716 employees. The project is expected to start commercial operation in December 2011.

The second mass housing project is My Place @ South Triangle Towers C and D to be located in Panay Ave. Brgy. South Triangle, Quezon City involves the development of 3,666 sqm of land and the construction of two condominium buildings with twenty-five storys each. The facility will accommodate 1,540 low cost/economic housing units with package price ranging from P1 million to P2.7 million each.

This proposed project is adjacent to My Place @ South Triangle Bldg. 1 and 2, its existing registered housing project in Panay Ave. Brgy. South Triangle, Quezon City and will share common facilities such as gate, main roads and amenities.

The project involves a total investment of P1.18 billion and has a manpower requirement of 371 employees.

The third mass housing project, also known as Sun Residence Tower 2 will be located in España Blvd. cor. Mayon St., Barangay Sta. Teresita, Quezon City. The proposed project is adjacent to its existing BOI-registered housing project, the Sun Residences Tower 1 and will share common facilities such /amenities with Tower 1.

The proposed project involves the development of 4,477 sq. meters of land and the construction of one condominium building with 40 storys that will accommodate a total of 1,982 residential units. However, only 1,947 units are low cost/economic housing units with package prices ranging from P 1.7 million to P 2.5 million each.

For more details on any SM project, you may contact Reby Ramirez @ +63 919.699.3572 / +63 922.883.9308 / +63 916.4044.555 / +632 404-4534 or e-mail her @ reby_ramirez@yahoo.com.

Lastly, FYI for related information on the new real estate law, RA 9646, please proceed to www.RA9646.com, the online repository of updated information on Real Estate Service Act of 2009 (RESA).

source: Philippine Star, April 19 2011

SM tops condo selling in 2010

HENRY Sy Jr.-led SM Development Corp.—arguably the biggest threat to the leading property developers to date—sold the most number of residential condo units in Metro Manila in 2010, according to property consultant Colliers International Philippines. SMDC grabbed the top slot for the second straight year.

“SMDC has maintained its sales momentum, having sold more than 9,000 residential condominium units in 2010, nearly double its full year 2009 sales of 4,700 units. Given this figure, the company has a 23-percent market share of the approximately 40,000 residential condominium units sold last year. SMDC’s strategy of affordable pricing coupled with flexible payment terms continues to attract market reception,” the Colliers report said.

With this result, SMDC said it firmly intends to provide more quality homes in prime locations at affordable prices, which are the cornerstone of its two brands SM Residences (the brand represented by actress Anne Curtis) and M Place (which targets the younger bracket, as represented by actress Kim Chiu).

For more details on SM Residences, you may contact Reby Ramirez @ +63 919.699.3572 / +63 922.883.9308 / +63 916.4044.555 / +632 404-4534 or e-mail her @ reby_ramirez@yahoo.com.

Lastly, FYI for related information on the new real estate law, RA 9646, please proceed to www.RA9646.com, the online repository of updated information on Real Estate Service Act of 2009 (RESA).

source: Philippine Daily Inquirer, April 12 2011

BOI incentivizes SM Meza Residences II

The Board of Investments has granted various fiscal and non-fiscal perks to four projects—three in housing and one in dessicated coconut production—worth more than P2.4 billion.

The largest project to get the BoI’s nod was that of SM Development Corp. for the P1.7-billion Mezza II Residences vertical housing project.

It involves the construction of a 40-story tower with 1,344 housing units. The condominium building will be built on a 2,592-square-meter property in Quezon City.

The P444.9-million Avida Towers Cebu housing project of the Ayalas’ Avida Land Corp. was also approved by the BoI.

The residential building, to be built on a 3,131-sqm piece of land within the Asiatown IT Park in Lahug, will have 22 stories and three podium parking floors.

The third housing project approved was that of Asiatic Development Corp. in Sto. Tomas, Batangas. The P280-million Townsville-Sto. Tomas Phase 2 entails the construction of 558 housing units.

Scheduled to start commercial operations in July, the project is seen generating 240 new jobs.

The BoI also granted incentives to Celebes Coconut Corp. for the expansion of its dessicated coconut manufacturing business in Butuan City.

The P38.6-million expansion project will allow the company to produce an additional 6,912 metric tons (MT) of dessicated coconut a year via a new production line that can churn out eight MT every eight-hour shift.

For more details on SM, Ayala and Asiatic Development Corporation, you may contact Reby Ramirez @ +63 919.699.3572 / +63 922.883.9308 / +63 916.4044.555 / +632 404-4534 or e-mail her @ reby_ramirez@yahoo.com.

Lastly, FYI for related information on the new real estate law, RA 9646, please proceed to www.RA9646.com, the online repository of updated information on Real Estate Service Act of 2009 (RESA).

source: Philippine Daily Inquirer, April 13 2011