Ovialand income doubles to P495M

Housing developer Ovialand Inc. saw its net income for the first nine months of the year grow more than double to P495 million, thanks to rising property demand outside Metro Manila.

The Olivares family-led company on Friday said revenues likewise jumped by 30 percent to P1.44 billion.

Ovialand turned over 469 house-and-lot units to homebuyers during the January to September period. This represents an increase of 18.7 percent from 395 units previously.

READ: Ovialand eyes commercial biz with launch of ‘Sentro’

“Our financial results indicate a long-term trend of sustained demand for properties located in key areas outside—but still accessible from—Metro Manila,” Ovialand president and CEO Pammy Olivares-Vital said in a statement.

Ovialand, which has projects in the provinces of Laguna, Batangas, Quezon and Bulacan, plans to expand its presence across the country’s three main island groups by 2033.

Earlier this month, the company unveiled the 9.7-hectare (ha) Sentro Properties, its second housing project with Japanese developer Takara Leben Co. Ltd.

The new project will add 746 housing units to Ovialand’s portfolio in San Pablo City, Laguna.

According to Olivares-Vital, the units will be sold at P3 million to P5 million each, depending on the size. Turnover of the town house, duplex and single-detached units will begin in late 2025.

Going commercial

Also, the company earlier announced plans to build a commercial center within Sentro Properties, marking Ovialand’s first venture outside the residential sector.

Olivares-Vital said the commercial center would take up around 10 percent of the 9.7-ha total land area and house pediatric and dental clinics, among others.

Meanwhile, Ovialand will begin the first batch of unit turnovers next month for Savana South, its first project with Takara Leben that will have 657 units.

The Japanese firm is a subsidiary of Tokyo Stock Exchange-listed Mirarth Holdings Inc. Its major projects include condominiums, hotels and offices.

In September, Ovialand said it would push back its planned stock market debut to next year as it awaited more favorable market conditions.

Experts have said that while the interest rate easing cycle would positively impact the real estate sector, mortgage rates may remain elevated until mid-2025 as land values and construction costs are still high.

Ovialand’s initial public offering will involve the sale of up to 396 million shares for P5.60 each, although Olivares-Vital said it could have a bigger valuation to factor in the company’s growth.