Megaworld’s GERI 9-mo profit up 41%
November 11, 2016
Philippine’s leading tourism estate developer, Global-Estate Resorts Inc. (GERI,) a subsidiary of property giant Megaworld, grew its net income by 41% to P754-million for the first three quarters of 2016 from P534-million of the same period last year.
The company’s total revenues for the first nine months amounted to P4.4-billion, up 15% year-on-year compared to the P3.8-billion of the same period last year. This notable growth was imputed by its residential arm which drove 77% of total revenues.
Earlier this year, the company launched three residential projects, particularly in the tourism estate of Twin Lakes near Tagaytay: Two residential towers of The Manor with 255 units, and Lucerne at Domaine Le Jardin with 316 lots. These projects cover around P3-billion in projected sales revenues.
Real estate sales of GERI rose by 12% year-on-year to P3.4-billion for the first three quarters of 2016 from P3-billion during the same period last year. The growth is mostly attributed to its five tourism and leisure townships, which collectively covers around 2,146 hectares of land: Boracay Newcoast in Aklan (150 hectares); Sta. Barbara Heights in Iloilo (173 hectares); Twin Lakes in Tagaytay (1,200 hectares); Southwoods City in Cavite?Laguna (561 hectares); and Alabang West in Las Pinas City (62 hectares).
“Our long-term objective is to build on the leadership status that we have as the premiere tourism and leisure estate developer in the country, and we are poised to do so with the backdrop of the current government’s thrust to accelerate infrastructure developments outside of Metro Manila.
We aim to expand our portfolio of integrated urban townships in key growth provincial areas not only to take advantage of the growth opportunities, but also to contribute in spurring economic activity and job creation in these areas.” says Monica Salomon, president, GERI said.
GERI has a strong position to pursue exciting tourism and leisure projects across the country. It continues to be the leading developer of master planned integrated tourism estates in the Philippines, catering to both the domestic and foreign market.
Megaworld currently owns 82.3% of GERI and has taken an aggressive role in transforming GERI’s vast land bank into integrated urban townships, the concept that Megaworld pioneered in the Philippines.