Global-Estate Resorts Inc. (GERI) said its net income in the first quarter grew by 37 percent to P566 million from last year’s P412 million, on the back of the sustained recovery of the economy and strong demand for leisure properties.
According to the subsidiary of property developer Megaworld Corp., its revenues grew more than half to P2.07 billion from the previous P1.32 billion.
“Our strong start to the year raises our confidence that we are on track to hit new heights for GERI. This is also a testament to the quality of our projects and the strength of our brand. Demand continues to grow, and we are committed to capturing new opportunities as we strive to deliver meaningful value to our stakeholders,” GERI President Monica T. Salomon said.
Real estate sales rose 63 percent to P1.7 billion from last year’s P1 billion as a result of higher construction completion. Reservation sales also grew by 45 percent year-on-year to P5.8 billion.
The company saw growing demand for residential and commercial properties in its projects at Boracay Newcoast in Aklan, Eastland Heights in Antipolo, Rizal, Twin Lakes in Laurel, Batangas, Southwoods City in Biñan, Laguna, and Arden Botanical Estate in Trece Martires, Cavite.
The Ocean Garden Villas project in Boracay Newcoast boosted reservation sales, the company said.
The project, which was valued at P849 million, was launched in the first quarter. To be completed in 2027, this project is now selling at P255,000 per square meter.
Meanwhile, hotel revenues more than doubled to P143 million during the quarter from last year’s P61 million due to the continued rise of local tourism and travel.
Leasing revenues grew by 10 percent to P123 million from last year’s P112 million. These were achieved by the growth in rental in retail spaces in Southwoods City, Alabang West and Twin Lakes.
The company currently has 9 tourism estates and integrated lifestyle communities across the country covering more than 3,300 hectares of land.