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Business

Ovialand to take out P1 billion housing loan

Iris Gonzales - The Philippine Star

MANILA, Philippines — Ovialand Inc., the housing developer led by its president Pammy Vital, is targeting to take out P1 billion in housing loans for 2021 through the PagIBIG Fund, the state-owned lending agency for the housing sector.

Vital said Ovialand is benefiting from quicker loan procedures put in place by PagIBIG fund.

“Pag-Ibig Fund really went above and beyond the call of duty for the developers during the pandemic. They were able to quickly shift to maximizing the use of technology in verifying loan applications and conducting unit inspections. We supported them 100 percent because we understood that these safeguards in loan processing cannot be sacrificed,” Vital said.

Ovialand will be completing 600 housing units this year across four developments in Laguna and Quezon province. Of this house and lot portfolio, 70 percent are already sold and our home-buyers are waiting for the turnover of their units,” Vital said.

Vital said when the real estate industry was allowed to restart after the lockdown, Ovialand coordinated with PagIBIG for the processing of loans.

Moving forward, she said demand for house and lot units is seen to continuously increase and Ovialand is prepared to boost supply to meet this growing demand.

“Many Filipinos are still searching for their first home. Pandemic or not, our nation is at the cusp of a new generation,” she said.

In terms of buyer demographics, 75 percent of homebuyers are millennials who are starting their young families and this pandemic has made many realize the need to prioritize  home investment rather than careless spending.

Ovialand caters to the emerging middle class Filipino home-buyers, with a brand promise of “Premier Family Living”, committing to giving all clients the premium experience in real estate.

OVIALAND INC

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