Megaworld’s GERI Earnings Soar 14% to P1.7B in 2018
April 12, 2019
Global-Estate Resorts, Inc. (GERI), a subsidiary of property giant Megaworld that specializes in integrated tourism and leisure township developments, grew its net income to a record high of P1.7-billion in 2018, up 14% from the previous year’s P1.5-billion. The company’s net income attributable to parent, on the other hand, reached P1.50-billion in 2018, up about 3% from the previous year’s P1.45-billion.
The company’s robust income was heavily supported by its real estate sales, which grew 21% to P6.4-billion in 2018 from P5.3-billion the previous year.
The company launched more residential inventories in Twin Lakes and Boracay Newcoast as well as in its Renaissance property in Pasig City last year.
The Pasig project called The Fifth is a two-tower condominium development that is expected to raise at least P8-billion in residential sales.
“At the heart of GERI’s continuous growth since being consolidated under the Megaworld Group is its expansive land bank, which the company has utilized to develop townships and integrated lifestyle communities that are centered on tourism and leisure. To date, we still have more land to develop, allowing us to explore new opportunities in tourism developments,” says Monica Salomon, president, GERI.
Revenues from the company’s rental businesses grew 165% to P427-million in 2018 from the previous year’s P161-million. For the first time, GERI was able to see full-year revenues from its biggest mall to date, Southwoods Mall, in its 561-hectare Southwoods City township in Biñan, Laguna. It also opened its first two office towers in Southwoods City last year.
Besides the Southwoods City township, GERI has four (4) other tourism estates and two (2) integrated lifestyle communities across the country covering more than 3,000 hectares of land, namely: Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Batangas near Tagaytay (1,200 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Alabang West in Las Piñas (62 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); and The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares).