Affordable house and lot developer Ovialand Inc. continues to see strong demand for premium affordable housing projects outside Metro Manila after registering higher financial growth.
Ovialand recorded net income of P495 million for the first nine months of the year, a 112 percent increase versus the same period last year while revenues jumped 30 percent to P1.44 billion.
During that time period, Ovialand turned over 469 house-and-lot units to homebuyers. This was an increase from 395 house-and-lot units sold from the same period last year.
“Given global and local economic sentiments remain quite flat, we walked into 2024 battle-ready to continue providing value to our homebuyers. This is why we rallied our teams and ensured we made sound business decisions that put homebuyers at the center of everything we do,” said Pammy Olivares-Vital, president and chief executive officer of Ovialand.
“Therefore, our financial results for the first 9 months of 2024 reflect the ongoing success of our initiatives,” she added.
In line with its goal to expand nationwide by 2033, Ovialand recently launched a new residential development in Bulacan called Seriya.
“We are pleased with the market’s reception of our first development in Bulacan. The positive feedback took place given we stayed true to our commitment to deliver brand-new homes in just three to six months from our homebuyers’ date of reservation,” Olivares-Vital said.
“This was made possible through our HousEasy initiative, which ensures our clients are assisted in every step of the home buying process,’ Olivares-Vital added.
The company also continues to strengthen its presence in the core markets it operates in — forming joint ventures with Tokyo-based Takara Leben and Co. Ltd. to launch Savana South and Sentro in San Pablo City, Laguna.
Ovialand projects that by December this year, the first batch of turnover of homes at Savana South to its clients will take place — allowing them to move just in time for the Christmas season.
“Our financial results indicate a long-term trend of sustained demand for properties located in key areas outside, but still accessible, from Metro Manila. As such, we continue to look at growth opportunities in other regions as we focus on the most important metric in our company: Happy families moving into their brand-new homes,” Olivares-Vital said.
