GERI earnings more than double in Q3

MANILA, Philippines — Global-Estate Resorts Inc. (GERI), the Andrew Tan-led developer of integrated tourism estates, reported a net income of P168 million in the third quarter, up 125 percent from a year ago.

This brought nine-month net income to P772 million, up 25 percent from last year.

This as real estate sales and hotel revenues bounced back with eased pandemic restrictions during the period.

The company raked in P1.14 billion in consolidated revenues during the third quarter with hotel revenues soaring 335 percent to P23-million and real estate sales increasing by 16 percent to P889-million due to the increase in construction activities during the period.

Real estate sales of P2.7 billion for the first nine months of 2021, eight percent lower than the P2.9-billion achieved last year but continued demand for leisure properties and residential lots bolstered reservation sales for the period ending September, reflecting an increase of 33 percent year-on-year to P13.2-billion.

The bulk of sales came from GERI’s offerings in its Boracay Newcoast, Alabang West, and Eastland Heights townships, which amounted to P8.9 billion. The company also registered strong sales for its property offerings in Southwoods City, Twin Lakes, and Arden Botanical Estate, which amounted to P3.5-billion.

Leasing revenues for the nine-month period declined by 47 percent year-on-year to P236.5-million as consumer sentiment remained subdued while revenue from hotel operations also declined by 59 percent as compared to the same period last year due to prevailing travel restrictions.

“We continue to see strong demand for our property offerings outside of Metro Manila and this has been supported by the resumption of construction activities during the year. Meanwhile, the sustained reopening of the economy amidst the onset of the Christmas season will help in the recovery of our leasing and hospitality segments in the current quarter,” GERI president Monica Salomon said.

At present, GERI has eight integrated tourism developments across the country covering more than 3,300 hectares of land.

These are the 1,200-hectare Twin Lakes in Laurel, Batangas; the 561-hectare Southwoods City in Biñan, Laguna and Carmona, Cavite; the 62-hectare Alabang West in Las Piñas City; 150-hectare Boracay Newcoast in Boracay Island, Aklan; 173-hectare Sta. Barbara Heights in Sta. Barbara, Iloilo; 640-hectare Eastland Heights in Antipolo, Rizal; the 300-hectare The Hamptons Caliraya in Lumban-Cavinti, Laguna and the 251-hectare Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite.

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Article was originally published in Philippine Star and written by Iris Gonzales.