MANILA, Philippines — Global-Estate Resorts Inc. (GERI), the Andrew Tan-led developer of integrated tourism estates, posted a net income of P300 million in the first quarter, up 21 percent.
Consolidated revenues, on the other hand, decreased by 21 percent to P322.6 million year on year.
Quarantine restrictions affected some of its core businesses.
Despite the challenges, reservation sales reached P4 billion up 104 percent from the same period last year on the back of continued demand for residential and commercial properties even in the middle of a pandemic.
“Notwithstanding the challenges, we made a good start for 2021 because of the rising demand for residential projects in the countryside, particularly in key tourism and nature-friendly locations such as Boracay, Antipolo and Tagaytay,” said GERI president Monica Salomon.
Almost P3 billion in reservation sales came from GERI’s prime residential and commercial properties in Alabang West, Boracay Newcoast, and Eastland Heights in Antipolo, while the remainder was booked for available properties in Twin Lakes Tagaytay, Southwoods City and Hamptons Caliraya in Laguna, Arden Botanical Estate in Cavite, and Sta. Barbara Heights in Iloilo.
Real estate revenues stood at P909 million, while leasing revenues decreased 36 percent to P120 million due to the concessions granted to rental partners during the pandemic.
Due to the limited hotel operations brought about by the quarantine measures during the quarter, hospitality revenues went down 85 percent to P22 million, GERI said.
At present, GERI has eight integrated tourism developments across the country covering more than 3,300 hectares of land in many parts of the country including Batangas, Laguna and Cavite, Las Piñas City, Aklan, Iloilo and Antipolo.