Ovialand 9-month net income doubles
‘Given global and local economic sentiments remain quite flat, we walked into 2024 battle-ready to continue providing value to our homebuyers.’
Daily Tribune‘Given global and local economic sentiments remain quite flat, we walked into 2024 battle-ready to continue providing value to our homebuyers.’
Housing developer Ovialand Inc., led by the Olivares family, reported a net income of P495 million for the first nine months of the year, marking a 112 percent increase compared to the same period last year.
Revenues for the period reached P1.44 billion, up 30 percent year-on-year, driven by robust demand for housing outside Metro Manila.
“Given global and local economic sentiments remain quite flat, we walked into 2024 battle-ready to continue providing value to our homebuyers. This is why we rallied our teams and ensured we made sound business decisions that put homebuyers at the center of everything we do,” Ovialand president and CEO Pammy Olivares-Vital said on Friday.
“Therefore, our financial results for the first nine months of 2024 reflect the ongoing success of our initiatives.”
Higher turnover of units
The company turned over 469 house-and-lot units to homebuyers during the period, an increase from 395 units in the same timeframe last year. It also expanded its footprint with the launch of Seriya in Bulacan, marking its first development in the province and a step toward achieving its goal of nationwide presence by 2033.
“We are pleased with the market’s reception of our first development in Bulacan. The positive feedback took place given we stayed true to our commitment to deliver brand-new homes in just three to six months from our home buyers’ date of reservation,” Olivares-Vital said.
Ovialand attributes its expansion success to its HousEasy initiative, which streamlines the home-buying process.
The company plans to sustain its momentum by strengthening its presence in core markets, including launching Savana South and Sentro in San Pablo City, Laguna, through a joint venture with Tokyo-based Takara Leben Co. Ltd.
Ovialand expects the first batch of homes in Savana South to be turned over to buyers by December, just in time for the holiday season.