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By Katrina Mennen A. Valdez, Reporter
THE number of housing projects
given tax and other perks have risen significantly in a span of four
years, data from the Board of Investments (BOI) show.
Investments in this segment of
the property sector jumped by 83 percent to P1.548 billion before
the first half of the year ended from P268.482 million in 2003.
Four years ago, only two real
estate developers registered with the BOI, an incentive-giving
agency attached to the Department of Trade and Industry. These were
Sanent Realty & Development Corp., which invested P181.145
million for the construction of 932 housing units in Sampaloc,
Manila, and Tanay, Rizal, and Firm Builder’s Realty Development
Corp., which had infused P37.025 million for its 314 housing units
and another P50 million for its 465 low-cost housing units.
Starting in 2005, the middle- to
low-cost housing segment boomed. The number of real estate
developers venturing into those segments rose to eight with a
combined 14 projects. To date, the mass housing industry jumped by
81 percent to P1.407 billion business.
Last year, mass housing projects
doubled to16 with total investments of P1.433 billion.
For the first half of this year,
investments in this line of business had already amounted to P1.548
billion for 9 projects. These include the Ridgewood Estates Inc.’s
P90 million project in Imus, Cavite; Stateland Inc.’s P104 million
project in Cabuyao, Laguna; DM Consunji Inc.’s P255-million
project in Parañaque City; and Filinvest Land Inc.’s P97
million project in Stanto Tomas, Batangas.
Firm Builders continued with its
mass housing venture with a P41-million project this year. Other
firms that registered with the BOI are Omico Corp. with P63 million
in investments, Palmera Homes Inc. with P197 million, and Phinma
Property Holdings Corp. with P 269 million for its Commonwealth
project and another P195 million for its Novaliches, Quezon City,
venture.
Investments made in the mass
housing segment since 2003 had accumulated to almost P5 billion.
Last month, the BOI said it is
reviewing the guidelines on the grant of incentives to mass housing
projects to ensure that the country’s housing backlog of 1.4
million units is addressed.
Trade Undersecretary Elmer C.
Hernandez, who is also BOI managing head, said that the review is
focused on “striking a balance” between investments for
high-rise or vertical projects and subdivision-type or horizontal
developments.
Hernandez said a cap—in terms
of housing units built over a period—was being considered to
encourage the balance between the two types of projects.
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