Update project file to include locally installed Microsoft.TypeScript.Default.props (at the top) and Microsoft.TypeScript.targets (at the bottom) files:
<?xml version="1.0" encoding="utf-8"?>
<Project ToolsVersion="4.0" DefaultTargets="Build" xmlns="http://schemas.microsoft.com/developer/msbuild/2003">
<!-- Include default props at the bottom -->
<Import
Project="$(MSBuildExtensionsPath32)\Microsoft\VisualStudio\v$(VisualStudioVersion)\TypeScript\Microsoft.TypeScript.Default.props"
Condition="Exists('$(MSBuildExtensionsPath32)\Microsoft\VisualStudio\v$(VisualStudioVersion)\TypeScript\Microsoft.TypeScript.Default.props')" />
<!-- TypeScript configurations go here -->
<PropertyGroup Condition="'$(Configuration)' == 'Debug'">
<TypeScriptRemoveComments>false</TypeScriptRemoveComments>
<TypeScriptSourceMap>true</TypeScriptSourceMap>
</PropertyGroup>
<PropertyGroup Condition="'$(Configuration)' == 'Release'">
<TypeScriptRemoveComments>true</TypeScriptRemoveComments>
<TypeScriptSourceMap>false</TypeScriptSourceMap>
</PropertyGroup>
<!-- Include default targets at the bottom -->
<Import
Project="$(MSBuildExtensionsPath32)\Microsoft\VisualStudio\v$(VisualStudioVersion)\TypeScript\Microsoft.TypeScript.targets"
Condition="Exists('$(MSBuildExtensionsPath32)\Microsoft\VisualStudio\v$(VisualStudioVersion)\TypeScript\Microsoft.TypeScript.targets')" />
</Project>
More details about defining MSBuild compiler options: Setting Compiler Options in MSBuild projects