RESIDENTIAL property developer Ovialand said on Wednesday that it is optimistic for its projects during the year as it is on track to hit its targets.
“We are on track to hit our 2023 targets across our developments in South Luzon and our new development in Baliwag, Bulacan,” said Ovialand President and Chief Executive Officer Pammy Olivares-Vital in a media release.
“As the economy battles increasing interest rates and inflation, we continue to focus on our strength — which is to create the best value house-and-lot units for our clients,” Ms. Olivares-Vital added.
She said that the company will be focusing on expanding its current developments to provide more house and lot inventory for its potential clients.
“We continue to focus on improving the efficiency in our construction methodology and ensuring that we continue delivering quality homes to our homebuyers,” she added.
The company said that for its residential construction, it uses its own proprietary precast housing technology which enables it to build homes in a day.
“This speed in construction is complemented by Ovialand’s innovative housing finance options that give home buyers affordable payment options,” it added. “Clients can move into their brand-new homes in just three to six months.”
Ms. Olivares-Vital said the company is set to expand its footprint in other parts of the country.
“We have challenges yet to overcome, but we are keen on creating the best-value options for home buyers while catering to the demands of the growing real estate market in the Philippines,” she added.
The company announced earlier that it was deferring its initial public offering due to underlying market volatility in local and global markets.
Initially, it planned to raise around P2.16 billion for its maiden offering to fund real estate projects. It said the listing is on hold until market conditions improve.
The company intended to offer up to 396 million common shares, which include 336 million primary common shares, 24 million secondary common shares, and an over-allotment option of up to 36 million secondary common shares. The shares were priced at P5.60 per share. — Adrian H. Halili
