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MANILA, Philippines – Global-Estate Resorts Inc. (PSE:GERI), Megaworld’s subsidiary and Philippines’ leading tourism estate developer, reported a 41 percent profit growth at P754 million.
The nine months of the year for GERI have been strong as it exceeded its three-quarter record last year of P534 million. The total revenues of the company totaled to P4.4 billion, which is an increase from P3.8 billion by 15 percent against last year. The reported revenue boost is due to residential segment bringing 77 percent of its total returns.
The company unveiled four residential projects, which wholly pertain to Twin Lakes tourist estate near Tagaytay City. The undertakings include Domaine Le Jardin’s Lucerne with estimated 320 lots and The Manor’s three residential towers with around 380 units. The forecasted sales revenues from the projects amounted to P3.7 billion.
For the first three quarters of the year, GERI’s real estate sales increased from P3 billion to P3.4 billion, a 12 percent increase against last year. The income increase is due to its five townships for leisure and tourism, having as much as 2,146 hectares of land. The townships include 1,200-hectare Twin Lakes in Tagaytay, 561-hectare Southwoods City in Cavite-Laguna, 173-hectare Sta. Barbara Heights in Iloilo, 150-hectare Boracay Newcoast in Aklan, as well as 62-hectare Alabang West in Las Piñas City.
Monica Solomon, GERI President, stated that the company’s long-term goal is to develop leadership in real estate building for tourism and leisure. This will be done while streamlining the government’s plan of expanding infrastructure projects in the country, particularly beyond Metro Manila.
Solomon added that the management also plans to increase its integrated urban townships segment in areas where growth is feasible. This is not to capitalize on opportunities for emergence solely, but to impart in financial activity and job creation in the regions.
Megaworld undertook energetic pursuit in order to transform GERI into an integrated urban townships developer from simply being a vast land bank. The company now owns 82.3 percent of GERI’s stake.