Global-Estate Resorts Inc. (GERI), a unit of property developer Megaworld Corp., on Thursday said its attributable net income last year fell to P1.48 billion, from the previous year’s P1.49 billion.
Revenues rose 12 percent to P8.45 billion, from P7.52 billion in the previous year as real estate sales still anchored the top line while leasing and hotel operations boosted revenues.
“Our available residential inventory in our various tourism townships, which are mostly in the provinces such as Southwards City, Boracay Newcoast, Eastland Heights, Sta. Barbara Heights, Arden Botanical Estate and Hamptons Caliraya, will allow us to sustain our real estate sales moving forward,” said Monica Salomon, company president.
“These developments outside Metro Manila provide residential buyers with the needed breathing space and fresh air in natural surroundings—which are what most buyers and investors are looking for right now.”
Real estate sales reached P6.1 billion in 2019 coming from the sale of condominium units, as well as residential and commercial lots in Boracay, Twin Lakes and Southwoods City.
Last year, GERI registered a record-level sales reservation amounting to P19 billion, while it added P11 billion worth of new projects in its inventory.
Revenues from the company’s leasing operations grew 75 percent to P747 million in 2019, from the previous year’s P427 million, mainly due to the full year rent of its offices and mall in Southwoods City.
Hotel revenues more than tripled to P814 million in 2019, from P224 million in the previous year, following the opening of Twin Lakes Hotel and the reopening of the hotels in Boracay Newcoast in October 2018.
Currently, GERI has 8 integrated tourism developments across the country covering more than 3,300 hectares of land.