Laguna-based property developer Ovialand Inc. formed a joint venture with Japan’s Takara Leben to develop affordable housing projects in the Philippines.
Ovialand president and chief executive Pammy Olivares-Vital said during the signing ceremony at Makati Shang-ri La Hotel Monday that Takara Leben would be its strategic and financial partner for various regional projects.
She said the partnership would support the group’s long-term goal of expanding in Luzon, Visayas and Mindanao.
The joint venture’s first project is Savana South—a 6.5-hectare development offering 657 homes with total sales value of P2 billion in Laguna province.
“Our joint venture with Takara Leben marks our commitment to continue expanding beyond the core markets we serve and build on the successes we have achieved throughout the years,” Vital said.
“Takara Leben is an experienced developer with a proven track record across various segments of the real setae industry, as we are pleased to be their partners in the Philippines as they continue expanding their presence in Southeast Asia,” she added.
Takara Leben director Hiroshi Iwamoto said the partnership with Ovialand is in line with the group’s thrust of investing in housing projects in Southeast Asia.
“Our growth strategy in Southeast Asia involves partnering with developers that have differentiated themselves from competitors and are yet to fully realize their potential. Ovialand fulfils these criteria and their ambitious goals of expanding nationwide,” Iwamoto said.
“We are excited about what the future holds for our joint venture as we are fully aligned with Ovialand’s core value of bringing the premier family living experience to Filipinos,” he said.
Takara Leben is involved in the development and sale of condominiums, leasing of real estate and distribution of real estate. It has presence in Vietnam and Thailand.
Ovialand’s portfolio is largely concentrated in Laguna and Bulacan provinces. It is a one of the fast-growing developers that focus on premium affordable segment of the real estate market.
Ovialand has turned over 1,600 housing units to clients since it was established in 2014.
SB Capital Investments Corp. acted as advisor to Ovialand for the transaction.