Home Top News GERI says land assets enough to sustain dev’t activities

GERI says land assets enough to sustain dev’t activities

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GLOBAL-ESTATE Resorts, Inc. (GERI) on Thursday said it has enough land to support its growth over the next ten years.

“The company has an expansive land bank in the flourishing centers of Batangas, Cavite, and Cagayan de Oro, sufficient to sustain its development activities in the next ten years,” GERI President Monica T. Salomon said during the company’s virtual annual stockholders’ meeting.

GERI, a subsidiary of Andrew L. Tan-led Megaworld Corp., is a developer of integrated tourism and leisure townships.

Ms. Salomon said that GERI aims to launch more leisure estates and lifestyle communities that are “integrated with nature.”

“To realize the company’s vision for its development model, the company formed an integrated resorts property management to provide resort style property management for the company’s destination estates as well as hospitality inspired customer experience to leisure property buyers,” she said.  

“Through integrated resorts, the company seeks to facilitate harmonious engagements inside its communities while promoting a culture of stewardship towards the natural environment integrated into its developments for the enjoyment of the present and future generations,” she added.

GERI has nine tourism estates and integrated lifestyle communities nationwide covering over 3,300 hectares of land namely: Twin Lakes in Laurel, Batangas (1,200 hectares); Southwoods City in Biñan, Laguna and Carmona, Cavite (561 hectares); Alabang West in Las Piñas City (62 hectares); Boracay Newcoast in Boracay Island, Aklan (150 hectares); and Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares).

Also included in the company’s portfolio are Eastland Heights in Antipolo, Rizal (640 hectares); The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite (251 hectares); and Sherwood Hills in Trece Martires, Cavite (340 hectares).

For the first quarter, GERI saw a 5% increase in its net income to P596.5 million as consolidated revenue rose by 3.4% to P2.1 billion.

Real estate sales dropped by 4% to P1.61 billion while hotel revenue surged by 41% to P201.6 million due to the continued rise of local tourism and travel.

Rental income rose by 4% to P128.7 million led by higher occupancy of retail spaces.

GERI shares rose by 1.37% or one centavo, closing at 74 centavos per share. — Revin Mikhael D. Ochave

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