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[av_heading heading=’Tourism, leisure townships in WV drive GERI’s profit to 41%’ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=”][/av_heading]
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MANILA – Philippine’s leading tourism estate developer, Global-Estate Resorts, Inc. (GERI), a subsidiary of property giant Megaworld, grew its net income by 41 percent to P754 million for the first three quarters of 2016 from P534 million of the same period last year.
Real estate sales of GERI rose by 12 percent 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 Piñas City (62 hectares).
The company’s total revenues for the first nine months amounted to P4.4 billion, up 15 percent 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 four residential projects, particularly in the tourism estate of Twin Lakes near Tagaytay: Three residential towers of The Manor with around 380 units and Lucerne at Domaine Le Jardin with about 320 lots. These projects cover around P3.7billion in projected sales revenues.
“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,” said Monica Salomon, GERI president.
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 percent 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./PN
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