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