OVIALAND Inc. has entered into a joint venture with Tokyo-based real estate company Takara Leben Co. Ltd. to fuel expansion initiatives.
"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," Ovialand President and Chief Executive Officer Pammy Olivares-Vital said in a statement on Monday.
"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," she added.
Under the partnership, the two companies will establish Savana South Limited Inc., a joint venture firm that will develop their first project, the Savana South in San Pablo, Laguna.
The Ovialand executive said the 6.5-hectare development — consisting of around 657 homes — is expected to generate roughly P1.97 billion in sales over four years.
Ovialand and Takara Leben plan to develop at least five projects within three years.
"Ovialand has so far delivered close to 3,000 homes to Filipino families. We wish to be part of thousands more very soon. This is why our partnership with Takara Leben has truly come at the right time," Olivares-Vital said.
"This partnership also symbolizes how young companies like ours merit the attention of esteemed international partners. We hope to pave the way for more international investments that will contribute to Philippine nation-building."
Hiroshi Iwamoto, director at Takara Leben, described the partnership with Ovialand as "extremely essential" for their growth plans overseas.
"Our growth strategy in Southeast Asia involves partnering with housing developers that have differentiated themselves from competitors and are yet to fully realize their potential," he continued.
SB Capital Investment Corp., the investment banking arm of Security Bank Corp., was tapped as an advisor for Ovialand in the partnership.
"We are confident that this alliance between Ovialand and Takara Leben will lead to continued success for both companies in the future," SB Capital President and CEO Virgilio Chua said.
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