The Board of Investments has approved two mass housing projects of two local companies in Cagayan de Oro City with total investments of P550.67 million.
Jukens Builders and Trade, a single proprietorship, sought fiscal incentives with the board to build mass housing project Fatima West Plain Subdivision with committed investments of P300.84 million.
The project involves the construction of 744 low-cost mass housing units sprawled over 173,979 square meters of land. Jukens Builders offered three housing models—Farida, Florence and Frezie.
The company will build 161 units of the Farida model with an average lot area of 120 square meters. The Florence model will have 255 units with lot areas of 100 sq. m. each. Some 328 units will be designed under the Frezie model with lot areas of 80 sq. m. each.
Jukens Builders plans to hire 233 employees for the project when commercial operations start by September 2009.
Meanwhile, Liberty Land Corp. secured registration from the BoI for its second mass housing project, dubbed as Bloomingdale Subdivision Phase III.
The real estate development company plans to construct 736 mass housing units laid on a 121,456-sq. m. land. The project will have three model units labeled as Rh-end, Aspen and Maple. The lot areas of these models will range from 70 to 156 sq. m.
The project will actually be an expansion of a previous mass housing project known as Bloomingdale Subdivision, Phase II, also located in Cagayan de Oro City. The two properties are adjacent to each other.