Company’s net income reached P1.3-billion despite the effects of the pandemic
Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates and a subsidiary of Megaworld, sold residential projects worth almost P12-billion in its various developments in the provinces, particularly in Boracay, Antipolo, Cavite, Laguna, and Batangas.
In Boracay Newcoast alone, the company sold P4.22-billion worth of projects last year, particularly the Newcoast Village lots as well as commercial lots inside the 150-hectare estate, even amid the global pandemic that hit tourism locations such as Boracay Island.
Around P2.17-billion worth of residential lots were also sold in Eastland Heights, the company’s sprawling 640-hectare integrated lifestyle community in the mountains of Antipolo that is surrounded with forests and a golf course.
Around 1.5-billion worth of residential houses and lots have also been sold in Arden Botanical Estate, another rising 250-hectare integrated lifestyle community at the boundary of Tanza and Trece Martires in Cavite, while another P1.4-billion worth of residential condominium units and village lots were sold inside the 561-hectare Southwoods City in Biñan, Laguna, and another P1.17-billion worth of residential lots and condominium units were sold in the expansive 1,200-hectare Twin Lakes in Laurel, Batangas.
“So many people realized that living outside the busy metropolis is a wise decision to make during this time. Even our Alabang West property, which is still within Metro Manila, but already towards Cavite, sold more than a billion worth of lots in the middle of the lockdown. Demand for our residential properties in the provincial areas certainly boosted our revenues, offsetting the downtrend of our leasing businesses, which, just like our peers in the industry, have been affected by this pandemic,” says Monica T. Salomon, president, GERI.
Excluding non-recurring gains of P188.5-million in 2019, GERI’s net income in 2020 reached P1.3-billion, down 25% compared to the year before.
Consolidated revenues ended at P5.2-billion, a decline of 37% from the previous year.
Revenues from the company’s leasing operations declined by 17% year-on-year to P619-million in 2020 from the previous year’s P747-million. While the office leasing business remained stable, the company’s commercial business softened as a result of pandemic-related restrictions.
Hotel revenues also declined by 75% to P201-million in 2020 from P814-million in the previous year as a result of prevailing travel restrictions.
“Since most of our developments are in the countryside, and the demand is evidently there, we are optimistic that we will recover faster once the economy fully reopens soon,” adds Salomon. Today, GERI has eight (8) 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).