Megaworld subsidiary Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates, almost tripled its net income for the third quarter from P206.7-million last year to P598.9-million this year driven by stellar growth from our real estate, leasing, and hotel revenues. Net income attributable to parent company’s shareholders surged 231.4% to P557.8-million during the quarter from last year’s P168.3-million.
Consolidated revenues reached P1.9-billion during the third quarter, up by 65% from last year’s P1.1-billion. Real estate sales increased by 75% to P1.6-billion from last year’s P888.7-million. Hotel revenues also soared by 314.3% to P97.4-million from last year’s P23.5-million, while leasing revenues grew by 130% to P105.7-million from last year’s P46.0-million.
The strong third quarter performance pushed GERI’s full nine-month income to jump by 70% to P1.5-billion from last year’s P850.0-million. Net income attributable to parent company’s shareholders during the period also posted solid gains of 69% to P1.3-billion this year from last year’s P772.0-million.
Consolidated revenues in the first nine months of the year increased by 36% to P4.8-billion from last year’s P3.6-billion, driven by strong real estate sales of P3.9-billion during the period, 44% higher than the P2.7-billion achieved last year and mostly a result of higher construction completion.
Moreover, real estate demand turned positive compared to last year for the first nine months of the year, with reservation sales increasing by 3% to P13.6-billion following strong demand in the third quarter. Reservation sales in the third quarter of 2022 increased by 14% to P5.2-billion from last year’s P4.5-billion, largely from residential and commercial properties in GERI’s Boracay Newcoast, Twin Lakes, Southwoods City, and Arden Botanical Estate townships.
Leasing revenues in the first nine months of the year grew by 34% to P317.2-million from last year’s P236.5-million as the company continued the recovery of its rental portfolio. Revenues from hotel operations grew by 274% to P255.1-million from last year’s P68.2-million driven by improving mobility, a return to leisure, and the rise of tourist arrivals in the country.
“Our solid quarter reflects our company’s position and commitment to capturing the growing momentum in the tourism and leisure market. We look forward to sustaining the momentum into the oncoming holiday season as we near our pre-pandemic profitability levels,” says Monica T. Salomon, president, GERI.
Today, GERI has eight (8) integrated tourism, leisure estates, and lifestyle communities 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); 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).