GERI profit jumps 56% in 2017

Resorts Inc. (GERI), the tourism and leisure brand under Andrew Tan-led Megaworld Corp., reported a 56 percent jump in net income to P1.5 billion last year.

GERI’s growing number of tourism estates and integrated lifestyle communities, backed by expansive land bank have been the company’s backbone for growth since it was consolidated into the Megaworld Group in 2014.

The company attributed the exceptional growth to strong real estate sales which comprised more than 70 percent of the business.

Residential sales rose four percent to P4.5 billion last year, mostly coming from the company’s projects such as Alabang West, Boracay Newcoast and Twin Lakes.

GERI president Monica Salomon said the company would be introducing more lifestyle communities in the next three years.

“In the next three years, we will be introducing more integrated lifestyle communities where nature becomes the focal point of our developments. Our existing land bank offers abundant nature reserves that we want to further nurture and preserve as part of our communities,” she said.

Aside from residential sales, GERI’s rental business also performed strongly.

Rental income grew 54 percent to P161 million.

Last year, the company opened its first fullscale mall, the P2-billion Southwoods Mall in Southwoods City, Biñan, Laguna. Branded under the umbrella of Megaworld Lifestyle Malls.

It is the first and only full-scale mall development within the Biñan-Carmona area, complete with its own state-of-the-art cinemas, food hall and supermarket.

GERI also launched its new “integrated lifestyle community,” the 300-hectare The Hamptons Caliraya in Lumban-Cavinti, Laguna.

The community, which is surrounded by Lake Caliraya, will have lakeside residential villages and villas, a town center and two 18-hole golf courses and clubhouse.

It also has its own Marina Club that offers a wide range of water sports activities such as boating, jet ski and kayaking, as well as its own shophouse district and resort hotel district.

GERI also launched the 11-hectare Hamptons Village in the community where lakeside lots with their own private boat docks are being offered.

GERI’s portfolio includes five tourism estates and two integrated lifestyle communities across the country, covering more than 3,000 hectares of land.