Global Estate sustains growth pace as earnings soar 27%

Global Estate Resorts Inc. (GERI), Megaworld’s unit that develops integrated tourism and leisure estates, sustained its growth momentum in the first three months with earnings soaring 27 percent to P399 million from P315 million during the same period last year.

Net income attributable to the parent company rose 25 percent year-on-year to P407 million, backed by consolidated revenues of P1.66 billion.

“We remain focused to our goal of reaching P650 million in recurring revenues by 2020. In the next two years, we are opening more commercial and retail spaces across our tourism and leisure townships across the country in order to achieve this goal,” GERI president Monica Salomon said.

GERI said its rental income for the first quarter tripled to P87 million from P27 million last year as the company opened Southwoods Mall, its first full-scale mall, in Biñan, Laguna.

The three-level Southwoods Mall offers 58,000 square meter of gross floor area.

Late last year, GERI launched its second “integrated lifestyle community,” the 300-hectare The Hamptons Caliraya in Lumban-Cavinti, Laguna.

The community will have lakeside residential villages and villas, a town center, a Marina Club and two 18-hole golf courses and clubhouse.

Aside from The Hamptons Caliraya, GERI has six other tourism and leisure estates across the country covering more than 3,000 hectares of land namely, Boracay Newcoast in Boracay Island, Aklan (150 hectares), Twin Lakes in Alfonso, Batangas near Tagaytay (1,200 hectares), Southwoods City on the boundaries of Carmona, Cavite and Biñan, Laguna (561 hectares), Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares), Alabang West in Las Piñas City (62 hectares) and Eastland Heights in Antipolo, Rizal (640 hectares).