GERI: Contained-living lifestyle sustainable
Property developer Globalestate resorts Inc. (Geri) said living in an enclosed community is a sustainable and resilient business model, especially during times of pandemic “as people’s behavior and way of life dramatically shift.”
monica T. Salomon, the company’s president, said as a result of the pandemic consumer’s priorities shifted overnight in favor of essential goods and services and the fulfillment of basic human needs to focus on personal health and well-being, the family and the place where they live.
“The company believes that its integrated leisure estates and lifestyle communities, which make possible contained living set in the backdrop of natural environments, are sustainable and resilient models and will stand to benefit from the ongoing fundamental changes in people’s behavior and way of life,” Salomon said. “We sense a growing interest in social benefit and community engagement, giving rise to mindful consumption and enlightened consumerism.
“To adapt our projects to a digitally transformed global society, we will invest in strengthening the digital capabilities of our integrated estates and communities to enable residents to live-work-play-learn in natural and resort settings and at the same time stay connected to any part of the world through technology,” she said during the company’s stockholders’ meeting.
Salomon said despite the lockdown measures that grounded to a halt all tourism activities in the country, the company’s Boracay Newcoast development in Aklan continued to be the bestseller among its integrated estates, as “demand for resort properties are still there.”
The company, she added, also saw residential lot sales in its projects that have access to natural environments such as the eastland Heights in Antipolo, Arden Botanical estate in Cavite and Hamptons Caliraya in laguna.
The company, meanwhile, has cut its capital expenditure this year by close to 40 percent to P4 billion from the original P6.5 billion in spending plan as the lockdowns, regional quarantine measures and physical distancing rules continue to restrict the movement of materials and workers in its construction sites.
“While we have deferred new township launches, we will push through with the launching of projects within our integrated estates,” she said, adding that it also allocated funds for property acquisitions.
The company said it is turning over P3 billion worth of residential and commercial projects this year. These project turnovers include residential units and commercial lots at Boracay Newcoast in Aklan, Twin lakes in laurel, Batangas, and Sta. Barbara Heights in Iloilo.
Geri shares closed at P0.79 last Friday, down P0.01 from the previous close.