Leisure estate developer Global-Estate Resorts Inc. (GERI) saw brisk activity in the first quarter with reservation sales surging 104% to P4.4 billion as vacation home buyers were enthusiastic about purchasing new properties amid the pandemic.
GERI, a subsidiary of bilyonaryo Andrew Tan’s property arm Megaworld Corp., said that of the total, nearly P3 billion came from 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.
GERI reported a 21 percent jump in net income in the first quarter to P300 million this year despite revenues dipping 21 percent to P1.2 billion due to quarantine restrictions that affected its core businesses.
“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.
GERI has been very well-positioned in these provincial locations, and our expansive land bank in these areas gives us an optimistic future ahead,” said Monica T. Salomon, president of GERI.
Real estate revenues reached P909 million while leasing revenues went down by 36% toP120 million due to the concessions granted to rental partners during the pandemic.
Due to the limited hotel operations brought about by the quarantine measures, hospitality revenues also declined by 85% to P22 million.