MANILA, Philippines — Ovialand Inc, the Olivares family-led real estate company, yesterday unveiled its partnership with listed Tokyo-headquartered Takara Leben.
This marks the Japanese firm’s foray into the Philippines.
The partnership’s first residential joint venture is expected to generate P1.97 billion in sales over four years.
The first project, dubbed Savana South, is a 6.5-hectare development in Laguna, comprising 657 homes.
Pammy Olivares-Vital, president and CEO of Ovialand, said the joint venture with Takara Leben marks the company’s commitment to build on the successes the company has achieved throughout the years.
“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,” Olivares-Vital said.
For his part, Hiroshi Iwamoto, Director of Takara Leben, said the company’s growth strategy in Southeast Asia involves partnering with housing developers that have differentiated themselves from competitors and are yet to fully realize their potential.
“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.
The partnership is eyeing an initial pipeline of five projects including the maiden Savana South.
Proponents will put up a special purpose company for each project which will be a 60-40 joint venture, with Ovialand owning the majority.
The location of each project will be strategically determined in accordance with Ovialand’s goal to have a nationwide presence by 2030, the company said.
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.
Ovialand also has developments in Bulacan through Seriy, but Olivares-Vital said there are no plans to expand in Metro Manila for now.
SB Capital Investment Corp. served as advisor to Ovialand.
“SB Capital is honored to have acted as advisor to Ovialand on this joint venture with Takara Leben. SB Capital and Security Bank continue to look for creative products and services which add long-term value for our clients. We are confident that this alliance between Ovialand and Takara Leben will lead to continued success for both companies in the future” said Virgilio Chua, president and CEO of SB Capital Investment Corp.