Global Estate earnings rise by a third

MANILA, Philippines - Tourism estate developer Global -Estate Resorts Inc. (GERI) of property tycoon Andrew L. Tan reported higher profits in the first half, driven by strong sales in various leisure projects.

In a regulatory filing, GERI said its net income rose by a third to P200 million from P147.8 million a year ago “due to strong real estate sales from its various tourism estate projects, particularly, Boracay Newcoast, Twin Lakes and Southwoods City, and higher hotel income.”

Total revenues surged 56 percent to P1.4 billion from P903 million while reservation sales hit P6.5 billion, up 30 percent from P5 billion a year ago.

“We are confident that we can sustain the growth momentum of GERI for the remainder of the year,” said GERI president Ferdinand Santos.

GERI currently has three major developments: the 150-hectare Boracay Newcoast, the 1,200-hectare Twin Lakes resort community near Metro Tagaytay and the 561-hectare Southwoods City.

The Boracay Newcoast is being developed at a cost of P15 billion. It is considered the single largest piece of land in world-famous tourist destination Boracay.

“With its proximity to the world-famous Boracay beaches, Boracay Newcoast is designed to be a leisure-driven community that will help shore up Boracay’s long-term tourism growth by helping increase tourist arrivals year-to-year,” GERI said.

Twin Lakes is a P5-billion vineyard resort community project in Laurel, Batangas that is expected to be the premiere medical and educational tourism destination in the country.

 Southwoods City is a P10-billion masterplanned township development positioned to be the next residential, business, commercial and leisure hub that is closest and most accessible to Metro Manila.    – Neil Jerome Morales