Ovialand Inc., a housing developer with projects in Laguna, Batangas and Quezon provinces, appointed China Bank Capital Corp. as its financial advisor for its planned initial public offering.
Ovialand president Fatima Olivares-Vital said in a statement China Bank Capital would assist the company as it embarks on a dynamic growth strategy. Ovialand is a subsidiary of low-cost housing developer Malate Construction and Development Corp. with three decades of experience in the industry.
“There is strong demand for our housing lifestyle product, so we are aiming to scale up our capacity to 3,000 houses per year by 2025 and eventually 5,000 houses per year by 2030. We are excited to work with China Bank Capital to help us realize our growth plans,” Vital said.
“They’re the right choice for us on the back of our fruitful relationship with their mother bank for the past 5 years and also because they fully share our vision for Ovialand,” she said.
China Bank Capital president Ryan Martin Tapia said the investment bank is honored to have been tapped by Ovialand for its assistance in achieving the latter’s goal to become one of the fastest-growing property developers in the country.
“We see a huge opportunity in the housing backlog in the country, and we think the company’s unique premium affordable offering is well-positioned to cater to a growing market of young families looking for quality homes. China Bank Capital is here to make sure Ovialand has the advice it needs to reach its full potential,” he said.
Businessman Januario Jesus Atencio, the former president of listed 8990 Holdings Inc., acquired a 13-percent stake in Ovialand in November last year. Since then, Atencio played an active role in advising and mentoring the OLI management.
“This significant milestone for Ovialand is paving the way for many opportunities. It is an honor to have been accepted as a client by one of the best capital advisory firms in the country,” Atencio said.
Atencio said earlier Ovialand has huge potential because it is serving a growing market. It is Atencio’s first major investment in the real estate sector after he retired as the president of 8990 Holdings.
Ovialand aims to become a nationwide player in the real estate sector producing 8,000 to 10,000 units annually over the the next 10 years.
It plans to expand in the Visayas by 2024 or 2025 and venture into mid-rise buildings in more congested areas of Metro Manila, according to Vital.
Its housing projects include Sannera and Savana in San Pablo, Laguna and Cailya in Candelaria, Quezon.