Ovialand Inc., developer of so-called premium affordable residential housing, on Tuesday looks to generate some P2 billion from the sale of units at its Seriya project in Bulacan.
The development is its first housing project outside of south Luzon.
Seriya is located in Baliwag, Bulacan, along the Candaba highway and some 10 minutes away from the Pulilan exit of the North Luzon Expressway, making it accessible to potential clients from Metro Manila and nearby provinces.
A total of 536 house-and-lot units will be built, to be offered to clients as duplex and townhouse units. Amenities include an air-conditioned clubhouse, swimming pool and a community chapel.
The units will initially be built on 8.9 hectares of land which can be expanded to 15 hectares for a total estimated cost of around P990.
The turnover of house-and-lot units is set to begin this September.
Ovialand in March sought to raise as much as P2.21 billion from a planned initial public offering involving 336 million primary common shares, up to 24 million in secondary common shares and an over-allotment option of up to 36 million secondary common shares. The shares could sell as much as P5.60 each.
The offer period is set for the week of June 19. SB Capital Investment Corp. has been picked as the sole issue manager, lead underwriter and sole book runner.
