Company more than tripled rental revenues during first nine-months of 2018
Global-Estate Resorts, Inc. (GERI), a subsidiary of property giant Megaworld, finished the first nine months of 2018 with a P1.29-billion net income performance, a growth of 16% from its P1.11-billion output during the same period last year. On the other hand, net income attributable to parent company’s shareholders was up 14% to P1.29-billion for the first three quarters of this year from P1.13-billion in the same period last year.
GERI’s consolidated revenues reached P5.25-billion during the first nine months of 2018, up 7% from P4.90-billion during the same period the previous year.
GERI, the Philippines’ largest developer of integrated tourism estates, attributed its strong results from both its residential and rental businesses.
The company more than tripled its rental income for the first nine months of the year as it reached P294-million, up 253% from last year’s P83-million.
“This is another banner year for our leasing operations. We thank our regular patrons in Southwoods Mall in Laguna because revenues from our mall operations here pulled up our rental income during the period. We look forward to new commercial spaces in Holland Park and in Southwoods Office Towers 1 & 2, as these will further sustain our momentum in our rental income next year,” says Monica Salomon, president, GERI.
Residential operations, on the other hand, posted a 7% growth from P4.13-billion in the first nine months of 2017 to P4.43-billion during the same period this year. Realized profits from sales in prior years was particularly strong as it saw a 40% growth for the period, signaling GERI’s commitment to meet its completion commitments to its customers.
“We have seen really good take-up in Boracay Newcoast in the last few months, especially after the announcement of the island’s rehabilitation and reopening. We have also seen very keen interest in our Twin Lakes development, which still remains to be GERI’s largest tourism estate that sprawls across 1,200-hectare of land near Tagaytay with spectacular views of the Taal Lake and Volcano, “ explains Salomon.
In the 150-hectare Boracay Newcoast, GERI has opened Savoy Hotel Boracay and is set to open two more hotels in the next two years – the Belmont Hotel Boracay and the Chancellor Hotel Boracay.
Aside from Boracay Newcoast and Twin Lakes, GERI currently has five other integrated tourism developments around the country: Alabang West in Las Piñas City (62 hectares); Southwoods City in Laguna (561 hectares); Sta. Barbara Heights in Iloilo (173 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); and Hamptons Caliraya (300 hectares) surrounding Lake Caliraya in Cavinti Laguna.