GLOBAL Estate Resorts Inc. (Geri), a unit of property giant Megaworld Corp., said its nine-month income hit P1.11-billion net income, a growth of 47 percent from its P754 million last year.
Geri’s consolidated revenues reached P4.89 billion during the first three quarters of the year, ending September, up 11 percent from P4.41 billion during the same period the previous year.
Geri, a developer of integrated tourism estates, attributed its strong results both from its strong residential business, as well as to its consistently growing rental business.
“We are on track in our goal to complete all of our residential projects on time so that we can achieve zero backlog in the turnover of units,” company President Monica Salomon said. “With this, we do not only satisfy the timeline of our customers but also recognize profits because of construction progress.”
Comprised of all residential‐related revenues, Geri’s residential segment posted a 12-percent growth to P4.27 billion during the same period this year, from P3.81 billion in the first nine months last year.
Geri also recorded growth in its rental business during the period, the company said, as its rental income grew 28 percent to P83 million, from last year’s P65 million.
“The recent opening of Southwoods Mall in Laguna was a milestone for us. We have seen thousands of people lining up during our opening day,” Salomon said. “This new mall is certainly going to be a ‘go to’ destination in the south being the first big mall to rise after Alabang.”
Situated within Geri’s 561 hectare Southwoods City in the boundaries of Biñan, Laguna, and Carmona, Cavite, Southwoods Malls offers 58,000 square meters of shopping, dining, entertainment and leisure.
Aside from Southwoods City, Geri currently has four more integrated tourism developments around the country.