GLOBAL‐Estate Resorts Inc. (Geri), a unit of property developer Megaworld Corp., said its income rose 44 percent during the first half of the year to a record P670 million, from P465 million in the same period last year.
Consolidated revenues reached P3.2 billion during the first half of 2017, up 11 percent from P2.9 billion last year, due to its strong residential sales during the period, as the company continuously expands its residential portfolio across tourism estates around the country.
Geri’s residential business posted an 11-percent growth to P2.6 billion, from P2.4 billion last year.
“We have been working hard to expedite the construction of all the projects we have sold during the past three years in order to assure our clients and investors that the projects will be turned over on time. Our goal is to achieve a zero backlog,” said Monica Salomon, the company’s president.
Its rental business grew 44 percent to P56 million, from P39 million last year.
“We are very much on track to achieve the P150‐million rental-income target by the end of this year,” Salomon added. “This year we are opening new malls and commercial developments, as well as hotels in Boracay Newcoast, Southwoods City and Twin Lakes.”
Late last year Geri introduced its Eastland Heights in Antipolo, Rizal.
The 640‐hectare development will have residential developments surrounded by a golf course and natural amenities, such as tree parks and forests.
It will also have commercial and retail components as well as leisure and recreational facilities within the community.
“We have more land to develop and they all have a huge potential for our concept of an integrated lifestyle community,” Salomon said. “This is where we are leading to.”