Ovialand on track for P1.2-B revenue target this year

Ovialand Inc. (“Ovialand”), a real estate developer focusing on building premium developments for Filipino families at an accessible price point, said it is on track to achieve its P1.2-billion revenue target for this year.

This followed after the real estate company reported a strong financial performance in the first half this year.

In a statement, Ovialand said that it generated P672 million in revenues in the first half this year. During that period, the company turned over 308 house-and-lot units from its developments in San Pablo, Laguna, and Candelaria, Quezon to clients.

The results for the first half of 2022 were also even better than Ovialand’s financial performance for 2021. In that year, Ovialand grew its revenues by 90 percent on a year-over-year basis to P462 million. The company was able to turnover 433 house-and-lot units to its clients during the given period.

“Ovialand’s financial results for the first half of 2022 demonstrate the strength of its franchise despite persisting macroeconomic headwinds such as an elevated inflation rate, the surge of COVID-19 infections in January, and continued constraints in supply chains,” Pammy Olivares-Vital, President and CEO of Ovialand, said.

“Given how we performed for the first six months of the year, we are optimistic that we will meet our year-end project of P1.2 billion in revenues,” Olivares-Vital added. “We were also able to secure and nurture our long-term partnerships with major suppliers, which will enable us to grow our bottomline in the long term.”

Ovialand’s housing developments are located in the South Luzon region, specifically in Laguna and Quezon. The company has set ambitious expansion plans in its operations, such as building properties nationwide by 2030 and conducting a public listing under ideal market conditions.

In light of this goal, Ovialand is targeting to expand its land bank to 200 hectares from 43 hectares in the next five years and increase its house-building capacity to 3,000 units by 2025.

“Our recent financial performances motivate us to continue growing our operations and deliver the Premier Family Living experience to Filipinos,” Olivares-Vital said. “We are confident that we can successfully navigate changes in macroeconomic conditions given our continued commitment to providing every Filipino the promise of Premier Family Living.”

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The article was originally published in Manila Bulletin and written by Bernie Cahiles-Magkilat.