MASS HOUSING developer Ovialand, Inc. has secured a P600-million loan facility from Security Bank Corp. for its expansion plans.
Ovialand said in a press release on Tuesday that SB Capital Investment Corp. solely arranged the issuance of the loan facility that was fully taken up by its parent.
“We are pleased to partner with SB Capital and Security Bank as we attempt to achieve new milestones in our history,” Ovialand President and Chief Executive Officer Marie Leonore Fatima Olivares-Vital said in a statement.
“Ovialand is enjoying a stellar performance in 2022 despite current economic headwinds, and this financing package from Security Bank will enable the company to be more aggressive in realizing its growth potential,” she added.
Ovialand said they intend to use the funds in pursuing its expansion plans which include developing new horizontal projects and in increasing the size of its landbank.
“We are greatly appreciative of the trust provided to us by Ovialand in arranging this facility that will be crucial to their growth,” SB Capital President Virgilio O. Chua said.
“We believe that this transaction will ripple into bigger and better capital raising exercises and we are excited to partner with Ovialand in such efforts,” he added.
Meanwhile, Ovialand said in a separate press release that it was awarded as one of “Asia’s Leading SMEs” in the Enterprise Category by The Asia Corporate Excellence & Sustainability Awards last month.
The company offers premium affordable housing in South Luzon and has recently launched its third project in Laguna called Santevi.
The Santevi project is expected to expand the company’s portfolio in Laguna to more than 2,100 units.
Ovialand said it is eyeing P2.3 billion from the sale of 707 house-and-lot units and it will meet its year-end projection of P1.2 billion in revenues.
“As we head towards the end of 2022, we reflect on the success we have achieved while looking forward to what we can do in the years to come,” Ms. Olivares-Vital said. — Justine Irish D. Tabile
