Thursday, June 26, 2014
Johndorf Ventures has applied to the Board of Investments for registration as a developer for a planned low-cost mass housing project, Astana Subdivision. The project will be located in Mactan, Cebu and aims to accommodate 413 housing units.
The Johndorf Ventures Corporation was established in the 1980s by the Sy-Lim Family from Iligan City. They started with their first project, Kabulihan Subdivision in Kabulihan, Iligan City and have since expanded to projects in Butuan, Cagayan de Oro and Cebu with over 30 communities and 10 000 homes. Their condominium projects include 148 residences in Cebu City and Granvia Suites in Cagayan de Oro.
If the Board of Investments approves Johndorf Ventures’ application, they will enjoy perks such as a four-year income tax holiday, be allowed to employ foreign nationals in roles overseeing or supervising the project, duty-free importation of capital equipment and have a simplified customs procedure in importing their raw materials.
In addition to Johndorf Ventures, other companies applying for these incentives include aquaculture company Sea Cage Industries and Global Lighting Phils Inc.
The Board of Investments is tasked with overseeing applications and selecting those qualifying for such incentives.