AFFORDABLE housing developer Ovialand Inc. saw a 112-percent surge in net income for the first nine months of 2024 to P494 million as sustained demand for property outside Metro Manila boosted revenues to P1.44 billion.
With global and domestic sentiment remaining flat, “we walked into 2024 battle-ready to continue providing value to our homebuyers,” Ovialand President and CEO Pammy Olivares-Vital said.
The firm said that from January to September this year, it turned over 469 house-and-lot units to homebuyers, higher than the 395 sold in the same period last year.
The company is aiming to go nationwide by 2033 and has taken its first steps by launching the Seriya development in Bulacan.
“We are pleased with the market’s reception of our first development in Bulacan,” she added. This positive feedback was earned as “we stayed true to our commitment to deliver brand-new homes in just three to six months from our homebuyers’ date of reservation,” Olivares-Vital said.
Earlier this month, Ovialand launched its second housing development, Sentro, together with Tokyo-based Takara Leben and Co. Ltd.
Sentro is a 746-unit housing development in San Pablo City in Laguna and is expected to generate around P2.2 billion in sales. Work on Sentro will commence in December, with the first units targeted for turnover late next year.
Ovialand’s first foray in housing was Savana South, a 6.5-hectare project with more than 600 units. Turnover of the first batch of homes is expected next month, in time for the Christmas season.
“Our financial results indicate a long-term sustained demand for properties located in key areas outside, but still accessible from, Metro Manila,” Olivares-Vital said.
“We continue to look at growth opportunities in other regions as we focus on the most important metric in our company: Happy families moving into their brand-new homes,” she added.
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