GERI: Con­tained-liv­ing life­style sus­tain­able

BusinessMirror - - Companies - VG Cabuag

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.

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