Mass housing developer Ovialand Inc. said sales picked up last year, as it rolled out more projects alongside plans to list on the Philippine Stock Exchange (PSE) despite worries of a slowdown in the property sector.
For the full-year 2022, revenues jumped 62 percent to P1.35 billion compared to P833 million in the previous year, the company said on Tuesday.
“To pursue further growth prospects, we have begun preparatory work for our public listing this year. Indeed, we aim for 2023 to be a period where Ovialand will mark grand, new chapters in its history,” Pammy Olivares-Vital, president and CEO of Ovialand, said in the statement.
The developer announced the turnover of 614 house and lot units in 2022—higher by nearly 40 percent from 2021. These were located in Laguna, Quezon and Batangas provinces south of Metro Manila.
“Ovialand’s financial results for 2022 reflect the continued demand of a new generation of Filipino homebuyers for our unique products. We are a company driven and committed to our brand mission of premier family living,” Olivares-Vital said.
Meanwhile, growth for the year will be driven by new projects such as Santevi, its third housing project in Laguna.
Ovialand expects to generate P2.3 billion in sales from Santevi within three years.
It also laid down plans to develop more projects in Baliuag, Bulacan.
The builder recently secured a P600-million debt deal from Security Bank Corp. to bankroll future expansion.
“The milestones we have achieved in 2022 motivate us to achieve greater things than what we have achieved in the past. For example, we are set to launch our presence in Central Luzon by building housing developments in Bulacan,” Olivares-Vital said.
“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,” she added.