Megaworld’s GERI earns 16% more in 9 months

MANILA, Philippines — Global-Estate Resorts Inc. (GERI),a  subsidiary of Andrew Tan-led Megaword Corp., posted a 16 percent growth in net income in the nine months to September to P1.29 billion.

This was on the back of a seven percent growth in revenues to P5.25 billion.

GERI is a developer of integrated tourism estates, with a portfolio of residential and rental businesses.

Rental income soared 253 percent to P294 million.

Residential operations recorded revenues of P4.43 billion, up seven percent.

GERI president Monica Salomon said revenue from Southwoods Mall in Laguna pulled rental income up.

“We look forward to new commercial spaces in Holland Park and in Southwoods Office Towers 1 and 2, as these will further sustain our momentum in our rental income next year,” she said.

GERI has seen strong take-up in Boracay Newcoast in the last few months, especially after the announcement of the island’s rehabilitation and reopening.

In the 150-hectare Boracay Newcoast, GERI has opened Savoy Hotel Boracay and is set to open two more hotels in the next two years – the Belmont Hotel Boracay and the Chancellor Hotel Boracay.

Aside from Boracay Newcoast and Twin Lakes, GERI currently has five other integrated tourism developments around the country.

These are the 62-hectare Alabang West in Las Piñas City, the 561-hectare Southwoods City in Laguna, the 173-hectare Sta. Barbara Heights in Iloilo, the 640-hectare Eastland Heights in Antipolo, Rizal and the 300-hectare Hamptons Caliraya  surrounding Lake Caliraya in Cavinti, Laguna.