Housing developer Ovialand Inc. of the Olivares Family is forming a joint venture with Takara Leben, a Tokyo-based listed real estate firm, to help expand its premium and affordable housing portfolio.
Ovialand, which aims to establish a nationwide presence by 2030, will pursue strategic regional expansion plans with Takara Leben as a key partner—starting with their first project, the Savana South.
Savana South, a 6.5-hectare development for 657 homes forecasted to generate P1.97 billion in sales over four years, compliments the company’s market presence in Laguna.
“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,” Ovialand president and CEO Pammy Olivares-Vital said on Monday.
“Takara Leben is an experienced developer with a proven track record across various segments of the real estate industry, and we are pleased to be their partner in the Philippines as they continue expanding their presence in Southeast Asia.”
Meanwhile, Takara Leben Director Hiroshi Iwamoto affirmed that the company’s partnership with Ovialand aligns with its growth strategy to team up with more Southeast Asian companies.
“Ovialand fulfills this criteria through their rapid turnover of high-quality and affordable homes to clients and their ambitious goals of expanding nationwide,” he said.
Since its inception in 2014, Ovialand has turned over 1,600 housing units to its clients.
Currently, Ovialand’s portfolio is concentrated in Southern Luzon—particularly Savana, Santevi, and Sannera in Batangas; Caliya in Quezon; and Terrazza de Sto. Tomas in Batangas. The company also has developments in Bulacan through Seriya.
To recall, Ovialand had been planning to launch a P2.2-billion initial public offering or IPO but it was pushed to the back burner due to volatility in the local and global markets.
In June 2023, Ovialand confirmed that its maiden offering, which was supposed to provide the company additional financial backbone to take on more projects, was “not the best option” then.
Ovialand first announced its plan to debut at the local capital market as early as 2021 but the “volatile market conditions” seem to always get in the way.