Global-Estate Resorts allots P4.5B for Twin Lakes development

INTEGRATED tourism estate developer Global-Estate Resorts, Inc. (GERI) is setting aside P4.5 billion to fast-track the development of its Twin Lakes estate in the next four years.

In a statement, GERI said it will develop the land for its residential villages, as well as construct residential condominiums and a hotel in the 1,200-hectare estate near Tagaytay.

“From the P5- billion capital expenditures set for the development of Twin Lakes for 10 years starting 2012, we further increased it to P7- billion as we introduced more projects within the township. So far, we’ve already spent P2.5-billion and the remaining P4.5- billion will be spent in the next four years. We are certainly bullish about accelerating the developments within Twin Lakes within the given time frame,” GERI President Monica T. Salomon was quoted as saying in a statement.

The Megaworld Corp. subsidiary is on track to turn over 151 units of the first two towers of The Vineyard Residences. Twin Lakes’ first residential condominium features three towers with 245 units, with views of Taal Lake, Tagaytay ridges and a vineyard.

GERI said prices of units at The Vineyard Residences have jumped nearly 15% since the project was launched in 2012. Revenues from the condominium development have hit P3.5 billion so far.

“Demand for residential units inside Twin Lakes continues to pick up,” Ms. Salomon said, noting two condominium projects — The Manor at Twin Lakes and The Belvedere have also been launched.

GERI also launched two residential villages — Domaine Le Jardin and Lucerne, which offer a combined 838 lots. The price of lots in Domaine Le Jardin have jumped 21% since its 2012 launch, while price of lots in Lucerne were up 5% since its launch in 2016.

“Total revenues from both residential villages reached P4.2 billion,” GERI said.

For the first half, GERI reported its attributable net income jumped 74% to P690.73 million, from P396.3 million during the same period a year ago. Revenues rose by 10% to P2.92 billion during the January to June period.

Shares in GERI slipped 0.64% to close at P1.55 each on Thursday.