Global-Estate Resorts Inc., the integrated leisure and tourism unit of property giant Megaworld Corp., increased its net income to P1 billion in 2016, up 50 percent from P667 million in 2015.
Minus non-recurring gains, GERI’s consolidated revenues in 2016 amounted to P5.66 billion, up nine percent from P5.21 billion in the previous year.
GERI said in a statement the company’s strong 2016 performance was driven by its core residential business, which contributed around 83 percent of the total revenues.
Real estate sales rose six percent to P4.4 billion from P4.1 billion in 2015, while rental income surged 75 percent to a record of P105 million in 2016 from the previous year’s P60 million.
“The fast take-ups of our residential offerings in Boracay, Iloilo and Tagaytay have further gained ground in expanding our revenue pie. As we launch more residential projects this year, we expect this uptrend to continue, and help us further surpass the P1-billion net income we achieved in 2016,” GERI president Monica Salomon said.
The property firm in 2016 launched Eastland Heights, a 640-hectare integrated lifestyle community in Antipolo, Rizal. The property is known for its rolling terrains on the foot of the scenic Sierra Madre Mountain Range. The expansive community will be comprised of residential villages, leisure facilities and golf courses, surrounded by lush greens and forests.
Aside from Eastland Heights, GERI has five township developments across the country covering around more than 2,000 hectares of land. These include Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Alfonso, 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).
GERI has a strong position to pursue exciting tourism-related projects and continues to be the leading developer of master-planned integrated tourism estates in the Philippines, catering to both domestic and foreign markets.