Ovialand embarks on 2nd project with Japan’s Takara Leben

MANILA, Philippines — Ovialand Inc., a property developer led by the Olivares family, is embarking on its second project with Japan’s Takara Leben Co. Ltd. following the success of the partnership’s first residential joint venture.

Ovialand and Takara Leben will develop Sentro Properties, a 9.7-hectare project in San Pablo, Laguna that will have 746 housing units.

Ovialand president and CEO Pammy Olivares-Vital said the project is expected to generate P2.2 billion in sales.

“We’re starting development already this December. The initial turnover of houses is on September next year,” she said.

Sentro’s product mix includes a townhouse, duplex and single detached units, featuring Ovialand’s distinct classic design and premium finishes.

Ovialand’s signature home designs are built using pre-cast technology, ensuring homebuyers can move into their brand new homes within three to six months.

Sentro will also feature Ovialand’s first commercial center undertaking.

“Sentro will be home to 746 families and we have made sure to plan this development even better. Wider roads with bike lanes, ideal open spaces fit for the hybrid working culture and a future commercial center—all of which were designed and created for the ease, comfort and convenience of our future residents,” Olivares-Vital said.

Overall, Sentro is seen reinforcing Ovialand’s market presence in San Pablo where it has completed and sold close to 3,000 housing units.

“The launch of Sentro builds on our ongoing fruitful partnership with Takara Leben. This involves us tapping their expertise as we work towards our goal of having a nationwide presence by 2033,” Olivares-Vital said.

Ovialand and Takara Leben previously announced a partnership, enhancing Ovialand’s capabilities as it aims to fulfill its long-term goal of having a nationwide presence.

Tokyo-based Takara Leben is also seen benefitting from the joint venture, in line with its long-term goal of expanding beyond Japan and into Southeast Asia.

Under the partnership, Takara Leben will invest in Ovialand and serve as a joint-venture partner for five projects that the Filipino company is set to pursue.

Their first project, Savana South, broke ground in San Pablo City in October 2023. It is a 6.5-hectare project with over 600 units.

“Our first project, Savana South, is on track to turn over the first batch of homes to 40 families who will be spending their first Christmas in their brand new homes,” Olivares-Vital said.

According to Olivares-Vital, Ovialand is set to end of the year with six ongoing developments, with the aim of adding two more next year.

On doing an initial public offering (IPO), Olivares-Vital said the company would continue to take cues from bigger firms before pursuing its previously planned public listing.

“When the bigger ones are confident and courageous, then that’s the time that smaller firms could probably follow,” she said.

Last year, Ovialand filed for a P2.2-billion IPO. However, the company decided to defer its planned maiden listing amid volatility in the global and local markets.