GERI earnings rise to P1.3 billion in 2021

MANILA, Philippines — Global-Estate Resorts Inc. (GERI), the Andrew Tan-led developer of master-planned integrated tourism estates, reported a net income of P1.3 billion last year, higher than the P1.1 billion recorded in 2020.

Consolidated revenue amounted to P5 billion, compared to P5.2 billion a year ago.

GERI president Monica Salomon said that for 2021, the company capitalized on strong demand for properties in the provinces.

“Aside from the intrinsic attractiveness of owning a place that allows you to commune more closely with nature, the past couple of years also highlighted the potential of owning real estate as an investment,” she said.

She also noted that the land values for the company’s offerings continued to appreciate at a brisk pace in spite of the pandemic.

Real estate sales grew three percent to P3.7 billion as compared to the year before in line with the expansion in construction activity. In the fourth quarter alone, real estate sales reached P1 billion, up 49 percent compared to the same period last year.

For its leisure developments, reservation sales grew by 25 percent to P17.2 billion, with Boracay Newcoast’s sales hitting P4.1 billion last year.

This was followed closely by Eastland Heights and Alabang West, which registered sales of P3.6 billion and P3.4 billion,  respectively. The rest of GERI’s offerings also registered strong demand with Arden Botanical Estate, Southwoods City, and Twin Lakes combining for P5 billion in sales during the year.

On the other hand, revenue from hotel operations declined by 27 percent to P146 million in 2021 as a result of prevailing travel restrictions, but fourth quarter saw a resurgence in bookings, resulting in a 231 percent increase in quarterly hotel revenue to P78 million versus the preceding quarter.

“The increased economic activity in the last couple of months of the year has really been a boon for us. Furthermore, the relaxation of travel requirements will help sustain the ramp up in operations of our hotels, which rely a lot on leisure and tourism-related activities,” said Salomon.

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

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