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Thursday, April 18, 2024

Ovialand sets sights on P1-billion Pag-IBIG Fund loan takeouts

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Ovialand Inc., a developer of mostly horizontal housing units, on Wednesday said it is targeting some P1 billion in housing loan takeouts with Pag-IBIG Fund this year.

“We will be completing 600 housing units this year across 4 developments in Laguna and Quezon Province. Some 70 percent of these house and lots are already sold and our home-buyers are waiting for the turnover of their units,” company president Pammy Vital said.

“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.”

Pag-IBIG Fund is the Home Development Mutual Fund, the government agency that gives out housing loans to the public.

“When 2020 began, we already had a commitment to our clients to deliver to them their homes. As first time home-buyers, their need for their own comfortable home became even more apparent during the pandemic. When real estate was allowed to restart, we had no time to waste. Thankfully, Pag-IBIG Fund was there to process the loans of our clients.”

Vital said many Filipinos are still searching for their first home. She said about three quarters of homebuyers are millennials who are starting their young families and the pandemic has made many realize the need to prioritize a home investment.

Januario Jesus Gregorio Atencio III, a former housing executive, has bought a minority stake in the Laguna-based property developer.

Atencio’s Januarius Holdings Inc. is taking in 13 percent in Ovialand and has the option to increase the size to 20 percent in 3 years.

Atencio remained active on the association of mass housing developers, a group that he helped established.

Ovialand is expecting some P4 billion in revenues between 2020 and 2023 from a current land bank of 32 hectares. Its projects are concentrated in southern Luzon with projects such as Sannera and Savana in San Pablo, Laguna as well as Cailya in Candelaria, Quezon.

Read full article on BusinessMirror

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