REAL ESTATE developer Ovialand, Inc. saw a 37% increase in its first-half consolidated net profit to P420 million, driven by surging demand for premium-affordable homes.
Revenue from January to June rose by 20% to P1.1 billion amid strong sales and continued demand for the corporate’s premium-affordable homes in Laguna and Bulacan, Ovialand said in an e-mailed statement on Thurs-day.
Homes turned over increased by 19% on the back of rising annual production capability.
Total assets went up by 12% to P2.9 billion, with real estate inventories and land acquisition options accounting for 48% of the expansion.
“Ovialand is heading in the right direction to hit its goal growth for 2025 and is constantly watching out for opportunities out there to give you the option to expand its reach to more homebuyers in other areas in Luzon,” Ovialand Chief Executive Officer Pammy Olivares-Vital said.
Ovialand recently broke ground in Baliwag, Bulacan, marking its second project in Central Luzon as the corporate expands its presence north of Metro Manila.
“We’re very glad to serve and produce our promise of premier family living to more locations as we add latest properties and expand our current projects,” Ms. Olivares-Vital said.
Ovialand is an actual estate developer engaged within the premium-affordable housing market. It has projects in Laguna, Quezon, Batangas, and Bulacan. — Revin Mikhael D. Ochave