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The Board of Investments (BOI) recently approved the application of Tondo Holdings Corporation (THC) as a new developer of affordable housing.
The Php10.18 billion project falls under the Preferred List of Economic and Low-Cost Housing under Book I of Executive Order No. 226, otherwise known as the Omnibus Investments Code of 1987 and complies with the guidelines set by the current Investment Priorities Plan (IPP).
“The inclusive growth strategy in the Duterte administration’s 10-point Socio-Economic Agenda will boost the lower income class and join a rapidly expanding middle class segment of the population. This project will go a long way towards addressing the big demand for affordable housing among the rising middle class,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.
“With the construction of these new housing projects, more jobs are also being generated not only among the construction segment but also on its suppliers,” Rodolfo further said.
Construction of the project dubbed as “Urban Deca Homes Manila” is on-going and is expected to be operational by January 2017 providing up to 819 jobs.
The project involves the development of around 85,000 square meters (sqm) in Vitas Street, Tondo, Manila with the construction of thirteen (13) 13-storey buildings with a total capacity of 13,212 units.
The proposed condominium project comprises of studio type measuring 22.95 sqm per unit, 1 bedroom (27.42 sqm), and 2 bedroom, type A and B measuring 32.18 sqm and 30.6 sqm, respectively, with tiled finish flooring (interior), toilet and bath and kitchen counter already tiled.
It will have amenities such as a community mall and children’s playground. Residential units are expected to have package prices ranging from P700,000 to P2 million per unit.