GERI profit rises 18% to P814 M in Jan-June

Global-Estate Resorts Inc. (GERI), a developer of integrated tourism estates, grew its first half net income by 18 percent to P814 million on strong rental business and steady growth of its residential projects.

In a disclosure yesterday, GERI said consolidated revenues increased by five percent to P3.3 billion.

GERI president Monica Salomon said the launch of the company’s first full scale mall, the Southwoods Mall, in September last year contributed to growth.

“After launching Southwoods Malls, we are gearing up to launch more lifestyle malls and retail concepts in the coming years,” Salomon said.

GERI’s rental revenues jumped 218 percent to P177 million. The rental arm of GERI comprises retail space leasing from the various lifestyle malls and retail concepts pioneered by its parent company Megaworld Corp.

The company hopes to achieve a rental income of P650 million by 2020.

On the other hand, GERI’s real estate business, which comprises all residential-related revenues, grew eight percent to P2.8 billion.

The company has been expanding its residential portfolio in various key markets in Las Piñas City, Rizal, Cavite, Laguna, Batangas, Iloilo, and Boracay.

“The integrated lifestyle community concept resonates well to our market in pushing our residential offerings. We expect to see more of this pioneering concept in our other properties soon,” Salomon said.

At present, GERI has seven tourism townships and integrated lifestyle communities around the country: Alabang West in Las Piñas City (62 hectares), Southwoods City in the boundaries of Cavite and Laguna (561 hectares), Hamptons Caliraya surrounding Lake Caliraya in Laguna (300 hectares), Twin Lakes in Tagaytay (1,200 hectares);, Boracay Newcoast in Boracay Island (150 hectares), Sta. Barbara Heights in Iloilo (173 hectares) and Eastland Heights in Rizal (640 hectares.)