MANILA, Philippines —The Olivares family-led housing developer Ovialand Inc. on Monday said they teamed up with listed Japanese real estate firm Takara Leben, through a joint venture that is aimed at establishing within the next three years at least five real estate projects in Laguna and Bulacan.
Ovialand president and CEO Pammy Olivares-Vital said they established a joint venture company, Savana South Ltd. Inc., which will function as a special purpose company for the planned projects.
“We are addressing the needs of the emerging middle class who are aspirational, hardworking and educated,” Olivares-Vital told reporters during the ceremony when the JV agreement was signed at the Makati Shangri-La Hotel.
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“They want high quality in their homes, they want a developer that is easy to talk to and that is straightforward,” the CEO said.
6.5-ha property in San Pablo
The first project under the joint venture is dubbed Savana South, a 6.5-hectare property for 657 homes under development in San Pablo, Laguna, which is expected to generate P1.97 billion in sales in over four years.
The Ovialand executive added that this project is targeted for the mid-market segment—people or families who earn P60,000 to P90,000 a month.
Aside from the five projects that are currently planned, Olivares-Vital hinted that another five housing developments may follow two years after their initial time table.
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Olivares-Vital added that their partner Takara Leben is an experienced developer with a proven track record across various segments of the real estate industry.
“Our joint venture with Takara Leben marks our commitment to continue expanding beyond the core markets we serve and build on the successes we have achieved throughout the years,” she said.
Takara Leben director Hiroshi Iwamoto said that their growth strategy in Southeast Asia involves partnering with housing developers that have differentiated themselves from competitors but have yet to fully realize their potential. INQ