GERI sees income doubling to P1.4 B

Andrew Tan-owned GlobalEstate Resorts Inc. (GERI) sees its income from rental and hotel operations doubling to P1.4 billion this year on more office projects and new rental properties.

Last year, GERI’s combined rental and hotel income amounted to roughly P651 million.

GERI, a subsidiary of property developer Megaworld that specializes in tourism estates and integrated lifestyle communities, has committed to ramp up its leasing and hotel portfolio across its developments all over the country.

GERI president Monica Salomon said the company expects another strong year.

“We expect another banner year for GERI as we see both leasing and hotel income to be the major drivers of our growth. Our residential sales remain strong, as we also expect new launches of residential properties in Twin Lakes and Boracay Newcoast this year,” she said.

Main contributors to GERI’s growth in rental income would come from Southwoods Office Towers as well as from the new rental properties that the company will open this year.

GERI has plans to open around 10,000 square meters of leasable spaces this year.

This will come from Alabang West Parade, a retail strip in its 62-hectare Alabang West township in Las Piñas City; the Holland Park Retail in Southwoods City, Laguna; Savoy Hotel Boracay retail area in Boracay Newcoast; and a land lease in Eastland Heights in Antipolo, Rizal.

To reach the P1.4 billion target, GERI expects to quadruple its hotel income due to the opening of three new hotel towers in Boracay Newcoast under the Megaworld Hotels Brand, and the full-year income of the newly-opened Twin Lakes Hotel in Laurel, Batangas.

Just last year, GERI opened the 126-room Twin Lakes Hotel inside its 1,200-hectare tourism estate in Laurel, Batangas. In 2017, it also opened its first hotel in Boracay Newcoast, the Savoy Hotel Boracay, which offers 559 rooms and suites.

Salomon said GERI hopes to contribute to the growth of the country’s booming tourism sector especially in key tourism destinations like Boracay and Tagaytay with the opening of the new hotels.

“Aside from just hotel rooms, we are also providing facilities for MICE (meetings, incentives, conventions and exhibitions) in these areas,” she said.

GERI has four tourism estates and two integrated lifestyle communities across the country covering more than 3,000 hectares of land in Laguna, Cavite, Aklan, Batangas, Iloilo, Las Piñas and Rizal.