Quezon City adds 4m square meters of rich real estate
QUEZON City’s Department of Building Official has approved a total of 2,566 building permits from 2016 to August 2017, resulting in an additional built-up area of almost four million square meters.
“These escalating values represent big gains for the city’s real property owners, lessors and developers. These also indicate how land in Quezon City is being engaged for greater productivity,” Mayor Herbert Bautista said Tuesday.
The projected real-estate values of the new developments reached P45.25 billion, Bautista noted.
Because of the new construction activities in 2016 and 2017, direct labor managed to hire 150,854 people, while the upstream activities of site preparation, planning and design had provided employment opportunities for 27,154 architects, engineers and urban planners.
“When you add up the four million square meters being cleared or repurposed for new residential and commercial developments to the more than 180,000 square meters being transformed for socialized housing communities, you will realize that 4.18 million square meters are now being cleared of urban blight and underutilization,” Bautista said during Monday’s State-of-the-City Address.
“This only means, even if your land area is not getting any bigger, the people hugely benefit from such land use. This is good because it can be the basis for real-estate payments and other improvement fees,” the mayor added.
The city’s DBO, headed by Engineer Isagani Verzosa, accounted for the major construction of new large malls and other commercial establishments.