Saturday , June 23, 2018

Santos Land eyes parking facilities

HOMEGROWN developer, Santos Land Development Corporation (SLDC) considers building parking facilities in Davao City once the "No street parking" policy will be approved.

SLDC President Antonio Nicolas Domingo told reporters in an interview last week that they still need to see first the implementation of the policy before investing.

"We can go into it (parking facilities), but it will really depend on the policy of the government. We still need to make sure first the policy, baka kasi mag-invest kami then everybody can still park everywhere. If it gets approved, we will consider," he said.

He added that building parking facilities are one of the areas the firm is considering as part of their present aggressive business direction - diversifying their business profiles.

"If ever, we will be building the facility here in downtown area, where the congestion is," he added.

According to Davao City Investment Promotions Center (DCIPC) officer-in-charge Lemuel Ortonio said that one of the measures to implement the "No street parking" policy "is to put up parking buildings and facilities, whether vertical buildings or horizontal lots."

"We are in the process of creating a special incentive package for those who will put up their investments on parking facilities. The city legal office has helped us in crafting the details of the draft ordinance," he said in a previous report.

At present, DCIPC has endorsed to City Council Committee for Trade, Commerce and Industry chair councilor Jimmy Dureza an ordinance providing special tax incentive package for those who will put up parking facilities here.

In the current Investment Code, a three-year exemption in the payment business tax and basic real property tax is given to investments under the city's priority areas of investments, where parking facilities are not included.

The proposed ordinance is different from the current Incentive Code.

Ortonio said the reason for the longer incentive period is parking facilities are not able to charge a big amount, therefore the return of investments will take longer. (With reports from RJL/JPA)