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Ovialand sees P1-B home loan takeouts with Pag-IBIG Fund

OVIALAND, Inc. is targeting P1 billion in home loan takeouts with state agency Pag-IBIG Fund in 2021 as demand for affordable shelter continues to grow, the housing developer said.

Ovialand President Marie Leonore Fatima O. Vital said in a statement on Wednesday that the company plans to complete 600 housing units this year across its four development projects in Laguna and Quezon provinces.

She added that 70% of the said house and lot units had already been sold, with the home-buyers awaiting the turnover.

“When 2020 began, we already had a commitment to our clients to deliver to them their homes. As first time homebuyers, 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,” Ms. Vital said.

For 2021, she said Ovialand is prepared to meet consumer needs as demand for house and lot units continue to go up, adding that many Filipinos are still looking for their first home despite the ongoing coronavirus disease 2019 (COVID-19) pandemic.

“Pandemic or not, our nation is at the cusp of a new generation. 75% of homebuyers are millennials who are starting their young families and this pandemic has made many realize the need to prioritize a home investment rather than careless spending,” Ms. Vital said.

She said the representatives of Pag-IBIG Fund had gone beyond their duty to assist developers during the COVID-19 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% because we understood that these safeguards in loan processing cannot be sacrificed,” Ms. Vital said.

Ovialand’s existing projects are mostly located in Southern Luzon, such as in San Pablo, Laguna and Candelaria, Quezon. These are all horizontal house and lot projects priced between P2.2 million and P2.8 million. — Revin Mikhael D. Ochave

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