BY GILBERT P. BAYORAN
Megaworld subsidiary Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates, registered a total net income of P412.2-million, up by 28 percent compared to P322.6-million reported last year.
Meanwhile, the company’s net income attributable to parent company’s shareholders grew by 14 percent year-on-year to P343 million. Consolidated revenues for the first quarter of 2022 came in at P1.3-billion, reflecting a 10 percent jump versus the same period last year, Megaworld said in a statement.
Monica Salomon, GERI president, said that the improved performance was largely driven by a 14 percent growth in real estate sales to P1 billion, as compared to the previous year, on the back of an increase in construction activity.
Revenue from hotel operations also posted a turnaround, surging by 175 percent year-on-year to P60.6 million on the back of a rebound in travel and leisure related activities, Salomon said.
Stressing that consumer confidence is on the rise and the rebound in travel and leisure-related activities has been strong, Salomon further said that their products are perfectly positioned to meet the demand, and are optimistic to sustain their recovery this year.
In fact, we are now looking to expand our property offerings to capitalize on emerging opportunities brought about by the reopening of the economy,” she added.
Demand for GERI’s property offerings remained high as the company reported P4 billion in reservation sales, with about P2.7-billion accounted for by GERI’s prime residential and commercial properties in Boracay Newcoast, Eastland Heights in Antipolo, and Arden Botanical Estate in Cavite.
The company also registered strong sales from its developments in Twin Lakes, Southwoods City, Alabang West and The Fifth in Pasig City, amounting to P1 -billion.
GERI has eight integrated tourism developments across the country covering more than 3,300 hectares of land namely: Twin Lakes in Laurel, Batangas (1,200 hectares); Southwoods City in Biñan, Laguna and Carmona, Cavite (561 hectares); Alabang West in Las Piñas City (62 hectares); Boracay Newcoast in Boracay Island, Aklan (150 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); and The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); and Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite (251 hectares).*
