The Olivares family’s more than decade-old Ovialand, whose projects are concentrated in Southern Luzon provinces such as Laguna, Batangas, and Quezon, as well as a growing presence in Bulacan, bet on the slow but steady migration outside Metro Manila.
A shift years in the making
This was recently accelerated by the mid-market condo oversupply in Metro Manila, but the company isn’t rushing to declare victory.
“I can’t say if this is a positive or negative effect on us, but we continue to do our best to know our target market intimately,” Pammy Olivares-Vital, president and CEO of Ovialand, told InsiderPH.
Listening to the market
But she acknowledges that Ovialand identified the shift early on as homebuyers were starting to look beyond Metro Manila.
“Even before the pandemic we were already noticing the out migration habits of Metro Manila dwellers because of the limited choices in the Metro that will fit their budget. So it’s really striking the balance of price and product,” she said.
“We also banked on the investments of the public and private sector that have been made outside the Metro for the past decade which are now yielding fruits – so it is inevitable that the new generation are now open to finding new towns and cities that they can build their lives in,” she added.
Backed by big moves
According to real estate services firm Colliers Philippines, developments are being spurred by a slew of big-ticket infrastructure projects. These include the Central Luzon Link Expressway and the Subic-Clark-Manila-Batangas Railway.
“In short, there are now options outside Metro Manila – so the market will no longer limit themselves to options in Metro Manila (such as studio units and 1 bedroom condos with hefty price tags),” said Olivares-Vital.
Founded by Olivares-Vital’s father, Giovanni “Jing” Olivares, Ovialand has grown its market share and is now a leading player in the premium affordable housing segment.
Building fast, delivering faster
Apart from offering more value to homebuyers—like quality homes made of solid concrete, a safe community, reliable utilities and amenities, and a personal account officer—a key selling point for Ovialand is its commitment to delivering projects on time.
“Our average wait time for our homebuyers is to move in within 3–6 months of reservation,” she said.
Since its founding, Ovialand has completed thousands of homes, including nearly 3,000 units in San Pablo, Laguna alone.
It remains a family-led enterprise, with the elder Olivares sitting as company chair while Olivares-Vital’s spouse, John Bryan Vital, is the chief finance officer and handles investor relations.
Profits doubled in 2024
The company’s expanding project pipeline allowed it to grow revenues last year by 38 percent to P2.16 billion, with profit surging 119 percent to P629 million.
“We have also been working towards our efficiency and better governance that allowed our profitability to inch towards our desired bottom line,” Olivares-Vital said.
“We were able to hit our target growth rate, and our regional expansion to Bulacan contributed 38 percent to our performance. Last year, we also focused on ensuring our supply chains remain stable and focused on quality of our labor production to minimize reworks,” she added.
Growth backed by partnerships
The company’s success, and attractive growth prospects, has lured key partners.
Apart from early backers like Januario Jesus Gregorio B. Atencio III, the former president and CEO of 8990 Holdings, Ovialand has attracted partners such as Tokyo-based Takara Leben Co. Ltd. for several joint venture (JV) developments.
“We will have seven on-going developments this year, and will be continuing our regional expansion by adding another development in Bulacan,” Olivares-Vital said.
“Out of the seven, two will be under our JV partnership with Takara Leben. All these developments will be building homes using our precast systems,” she explained.
Units in one of those joint venture projects, Savana South, were turned over to buyers last December.
What’s next?
Ovialand is charting more growth on the horizon.
“We built our business with the Filipino family in mind. We have witnessed the evolution of spending power and preferences in our market, and these are the tenets which guide us in everything we do,” Olivares-Vital said.
The developer has recorded a 37 percent compound annual growth rate over the past five years and believes this momentum will continue.
“In my opinion, we’re on our way to building the Filipino dream for many aspirational Filipinos,” she said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
