By Jenniffer B. Austria
Ovialand Inc., a mass housing developer with projects in Southern Luzon, said Tuesday revenues grew 62 percent in 2022 to P1.35 billion from P833.1 million in 2021.
Ovialand president and chief executive Pammy Olivares-Vital said in a statement the P1.35-billion revenues exceeded the initial target of P1.2 billion on strong demand for house-and-lot developments.
Ovialand said it turned over 614 house-and-lot units to homebuyers across projects in Laguna, Quezon and Batangas last year. This represented a 40-percent increase from 429 units sold in 2021.
“Ovialand’s financial results for 2022 reflect the continued demand of a new generation of Filipino homebuyers for our unique products,” Olivares-Vital said.
The company said that as demand for housing projects remained strong, it recently launched its third housing project in Laguna called Santevi. The project is expected to generate P2.3 billion in sales within three years.
Olivares-Vital said the company would also expand in in Central Luzon with the launch of new housing developments in Bulacan.
“This would mark growth outside of the core markets we operate in and is in line with our long-term vision of expanding our portfolio nationwide,” Olivares-Vital said.
Ovialand obtained P600-million loan deal Security Bank in December 2022. It said the proceeds would be used for land acquisition and immediate development of more projects, particularly its expansion in Baliuag, Bulacan this year.
Olivares-Vital said the company also restarted the preparatory work for the planning initial public offering.
Ovialand initially planned to conduct an IPO in 2022 to raise P1.5 billion. The planned IPO was deferred due to market volatility last year.