BUILDING BOOM IN CEBU SEEN
Residential projects make up most of the construction projects for the second quarter, data culled from approved building permits in the Philippines show
Cebu ranked fourth in the country in the number of construction projects in the second quarter of 2018, according to the Philippine Statistics Authority (PSA).
In a report released on Wednesday, the PSA found that Cebu had 1,754 construction projects in the second quarter, comprising 4.4 percent of the construction projects in the country.
It followed the provinces of Cavite, which had 4,479 construction projects, Laguna, which had 2,241, and Bulacan, which had 1,910.
Following Cebu was Bohol, with 1,574 projects comprising 3.9 percent of the country’s construction projects for the quarter. Negros Oriental recorded 1,165 projects for the period.
The total number of constructions in the Philippines reached 40,182, reflecting an increase of 11.7 percent from the 35,983 projects recorded in the same period last year. The total value of these projects was estimated at P101.2 billion, up by 33.4 percent, with total floor area of 8.8 million square meters. The data was taken from construction statistics of approved building permits.
By region, Central Visayas ranked third, with 4,555 construction projects during the period. It trailed Calabarzon, which had 9,608 projects, and Central Luzon, which had 5,028.
However, in terms of value, the National Capital Region ranked first, with construction projects amounting to P33.3 billion and comprising 33.4 percent of the total value of construction in the country.
Central Visayas projects were valued at P11.4 billion, ranking third after Calabarzon, which had a combined value of P14.8 billion.
Residential projects still dominated the country’s construction scene, with 29,060 projects out of the 40,182 being constructed in the country. These were valued at P57 billion, an increase of 59.7 percent from the same quarter last year.
Apartments increased by 53.5 percent while residential condominiums and single-type houses increased by 40 percent and 4.1 percent, respectively.
The average cost per square meter of residential constructions rose by 12 percent, estimated at P11,314 per square meter. During the same period last year, average cost was estimated at P10,104.
Single-type houses dominated the residential segment, comprising 85.3 percent or 24,787 out of all residential constructions. The value of single-type houses was placed at P23.5 billion with a total area of 2.5 million square meters at an average cost of P9,358 per square meter.
There were just 35 residential condominium projects, comprising only 0.1 percent of the total, but total value of these projects reached P25 billion, with total floor area of 1.4 million square meters at an average cost of P18,298 per square meter.
Non-residential projects increased by 16.1 percent to 5,644 projects and were estimated at a value of P37.5 billion. The growth of this segment was brought about by high increases in the number of constructions for agricultural buildings (349), institutional buildings (1,221), industrial buildings (624) and commercial buildings (3,329).
The average cost per square meter of non-residential projects was P10,226, 4.9 percent higher than the P9,745 cost for the same period last year, mostly due to increases in the average cost of institutional, industrial and commercial buildings.