Megaworld’s GERI Q1 earnings up 27% as rental revenues tripled
Global-Estate Resorts, Inc. (GERI), Megaworld’s subsidiary that develops integrated tourism and leisure estates, has sustained its growth momentum this year as first quarter earnings soared 27% to P399-million from P315 million during the same period last year. Net income attributable to parent company ended at P407-million, up 25% from P326-million during the same period last year.
Consolidated revenues for the first quarter of 2018 amounted to P1.66 billion, which tallies similarly from its output during the same period last year.
GERI’s rental income for the first three months of the year tripled to P87-million from P27-million during the same period in 2017 as the company opened Southwoods Mall, its first full-scale mall in Biñan, Laguna.
The three-level Southwoods Mall offers 58,000 square meters of gross floor area and features an innovative contemporary design with touches of interior greenery, a 24-hour Food Hall, four state-of-the-art cinemas, supermarket, hardware store, toy store and a roof deck garden.
“We remain focused to our goal of reaching P650 million in recurring revenues by 2020. In the next two years, we are opening more commercial and retail spaces across our tourism and leisure townships across the country in order to achieve this goal,” says Monica Salomon, president, GERI.
Late last year, GERI launched its second ‘integrated lifestyle community’, the 300-hectare The Hamptons Caliraya in Lumban-Cavinti, Laguna. The community will have lakeside residential villages and villas, a town center, a Marina club and two 18-hole golf courses and clubhouse.
At the Hamptons Caliraya, the company launched its first residential village, The Hamptons Village, which offers lots that have their own private marina and closes access to Lake Caliraya.
Aside from The Hamptons Caliraya, GERI as six other tourism and leisure estates across the country covering around more than 3,000 hectares of land; Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Alfonso, Batangas near Tagaytay (1,200 hectares); Southwoods City on the boundaries of Carmona, Cavite and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Alabang West in Las Piñas City (62 hectares) and Eastland Heights in Antipolo, Rizal (640 hectares).