Eton gets tax breaks for condo projects
Lucio Tan-owned Eton Properties Philippines Inc. received tax breaks from the government for two of its condominium projects that has a combined value of P1.091 billion.
The Board of Investments (BOI) has given fiscal and non fiscal incentives to the
Both projects qualified under the Investment Priorities Plan (IPP) of the government as infrastructure.
The firm’s application for registration as a new developer of mass housing project is covered under the sub-category of low-cost mass housing under Preferred Activities of the 2007 IPP.
Based on the application document, 1,322 of these are designed for mass housing needs.
The total cost of the
The project will generate employment during construction of 360 people.
With the financial projections presented by the company with incentives, the developer may be able to scale down the prices of its socialized housing units to be offered to lower incomes groups.
Meanwhile, the second mass housing project to be registered with BOI by Eton Properties is Eton Emerald Lofts.
Under the project, 3,422 square meters of land will be developed and 40-story twin tower residential buildings will be constructed in
Only one of those towers, Tower 1, is being applied for BOI registration, with 422 of its 540 housing units dedicated for mass housing.
The development shall be based on the rules and standards under the Condominium Act of the
The Tower is comprised of one-bedroom loft units measuring 32.78 square meters to 42.28 square meters each. The total cost of the project is P540.327 million.
As in the case of most developments of this kind, it is labor-intensive. The applicant aims at employing 360 people during construction. Commercial operations will start on September.
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