Vista Land unit seeks BOI perks

MANILA, Philippines - A subsidiary of listed property firm Vista Land and Lifescapes, Inc. is seeking incentives for a mass housing project in Cavite.

The Board of Investments (BOI) said in a published notice: “Household Development Corp.,...is applying for registration with the BOI as expanding developer of low cost mass housing project (Lessandra Bacoor 7) with a capacity of 245 low-cost mass housing units on a non-pioneer status.”

 The project is located in Barangay Salinas in Bacoor.

The firm could enjoy incentives such as exemption from payment of income tax for the project, if the BOI approves its application.

The government provides incentives to encourage firms to invest in priority sectors.

The sectors being promoted and which could qualify for incentives are identified in the Investment Priorities Plan (IPP) released by the BOI every year.

Mass housing is listed as a preferred activity in the 2013 IPP.

 Also identified as preferred activities in the 2013 IPP list are agriculture or agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; iron and steel; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects; hospital or medical services; and disaster prevention, mitigation and recovery projects.

 Household Development is under one of Vista Land’s business units, Camella Homes, Inc.

 Earlier this month, another subsidiary of Vista Land, Communities Naga, Inc. which is under the business unit Communities Philippines, Inc., filed an application with the BOI for its mass housing projects Camella Legazpi Subdivision and Lessandra Legazpi Subdivision both located in Legazpi City.

 Aside from Camella Homes and Communities Philippines,  Vista Land has other business units which are Brittany Corp., Crown Asia Properties, and Vista Residences, Inc.

 Vista Land, the country’s largest home builder, caters to all income segments in different parts of the country.