Vista Residences seeks BOI perks for condo project

MANILA, Philippines - Vista Residences, Inc., the condominium arm of the Villar family, is applying for incentives for a mass housing project in Manila.

In a published notice, the Board of Investments (BOI) said Vista Residences “is applying for registration with the BOI as new developer of low cost mass housing project (Camella Condo Homes – Taft) with a capacity of 954 low-cost mass housing units (vertical) on a non-pioneer status.”

The project is located beside De La Salle University in Taft Avenue, Malate, Manila.

The firm could enjoy incentives such as income tax holidays for four years, if its application would be approved by the BOI.

Mass housing is among the preferred activities which could qualify for incentives from the government under the 2012 Investment Priorities Plan (IPP).

Apart from mass housing, the 2012 IPP lists the following as preferred activities: agriculture, agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects; disaster prevention, mitigation and recovery projects; iron and steel; and hospital or medical services.

Vista Residences is a business unit of Vista Land & Lifescapes Inc.

Vista Residences entered the condominium development scene in 2006.

Apart from the Camella Condo Homes brand, the firm has projects under other brands such as Brittany and Crown Asia Residences.

Earlier this month, other subsidiaries of Vista Land filed applications for registration of projects with the BOI.

The firms which filed applications for incentives are Communities Cebu, Inc. for the Camella Carcar project, Communities Pangasinan, Inc. for Camella Heights 2 - Pangasinan and Communities Tarlac, Inc. for the Camella Cabanatuan project.