Vista Residences seeks BOI perks for condo project

MANILA, Philippines - Vista Residences, Inc., the condominium arm of listed Vista Land and LifescapesInc., is applying for tax perks for a housing project in Mandaluyong City.

The Board of Investments (BOI) said in a published notice Vista Residences “is applying for registration with the BOI as a new developer of a low cost mass housing project, 515 Shaw, with a total capacity of 521 low-cost mass housing units on a non-pioneer status.”

515 Shaw is located at Shaw Boulevard in Brgy. Addition Hills in Mandaluyong City.

The project, which consists of two towers, provides an exclusive view of the Wack Wack Golf Course and has commercial spaces and establishments.

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

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

Aside from mass housing, other preferred activities listed in the 2012 IPP are 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.

The 2013 IPP has yet to be released but BOI officials said earlier it would just be a carryover of last year’s list.

Vista Residences entered the condominium development business in 2006.

Aside from 515 Shaw, the firm has other high-rise projects in different parts of Metro Manila such as 878 Espana, Avant at the Fort, Crown Tower University Belt, KL Mosaic, Laureano Di Trevi, Mosaic, Salcedo Square and The Currency.

Vista Land, the holding firm for the real estate businesses of the Villar family, caters to all income segments in the country.

Aside from Vista Residences, its other wholly-owned subsidiaries are Brittany Corp., Crown Asia Properties, Inc., Camella Inc., and Communities Philippines Inc.