Megaworld’s subsidiary, Global-Estate Resorts, Inc. (GERI), the country’s biggest developer of integrated leisure and tourism townships, posted a 67% growth in its 9-month net income from P320-million last year to P534-million this year.
GERI’s consolidated revenues amounted to P3.82-billion, 86% up from last year’s nine-month revenue of P2.06-billion. The company’s sustained growth is driven by aggressive real estate sales, contributing 79% in the consolidated revenues.
Real estate sales more than doubled year-on-year to P3-billion in the first nine months of 2015 from P1.47-billion during the same period in 2014. This growth is largely attributed to overwhelming sales take up of projects in Alabang West and Boracay Newcoast.
“Real estate sales will continue to be the growth driver as we complete our existing projects and prepare the launch of new ones. We also expect rental revenues to grow over time as we open Twin Lakes Shopping Village and Southwoods Mall as well as the office towers in Southwoods City soon,” says Monica Salomon, president, GERI.
To date, GERI has five (5) major developments across the country covering around 2,146 hectares of land: Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Laurel, Batangas near Tagaytay (1,200 hectares); Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); and Alabang West in Las Piñas (62 hectares).
Megaworld now owns 82-percent of GERI and it has taken an aggressive role in transforming GERI’s vast land bank into integrated urban townships, the concept that Megaworld pioneered in the Philippines.