GERI nets P2.1b in 2023

Megaworld’s subsidiary Global Estate Resorts, Inc. (GERI), a premier developer of integrated tourism and leisure townships, achieved a steady net income of P2.1-billion in 2023 as more vertical residential projects were booked compared to the higher-margin horizontal projects booked the year before.

Net income to parent company’s shareholders achieved a modest growth of 3% to P1.8-billion compared to the previous year.

Consolidated revenues, on the other hand, grew by 14% to P8.3 billion. This exceptional growth was propelled by strong performances across its business segments, including real estate, rental, and hotel operations.

Real estate sales saw a 10% increase and reached P6.5-billion, driven by the continued improvement of real estate bookings from the company’s projects in Boracay Newcoast, Southwoods City, and Twin Lakes.

Reservation sales hit P19.2-billion in 2023, marking its full recovery from 2019 and highlighting the sustained demand for GERI’s innovative property offerings. Demand for GERI’s projects in Boracay Newcoast, Twin Lakes, and Eastland Heights townships led the growth and accounted for the largest portion of the demand.

Meanwhile, the hotel segment, benefiting from the resurgence in travel and tourism, recorded a 35% surge in revenues to P567-million. Additionally, leasing revenues experienced a significant 21% rise to P552-million, underpinned by the growing foot traffic and tenant sales in GERI’s commercial and retail spaces.

“As we move forward, GERI remains dedicated to enhancing our townships, driving sustainable growth, and delivering value to our stakeholders. We look forward to launching more projects in new locations very soon,” says Monica T. Salomon, president, GERI.

Today, GERI has nine (9) tourism estates and integrated lifestyle communities across the country covering more than 3,300 hectares of land namely: Twin Lakes in Laurel, Batangas (1,200 hectares); Southwoods City in Biñan, Laguna and Carmona, Cavite (561 hectares); Alabang West in Las Piñas City (62 hectares); Boracay Newcoast in Boracay Island, Aklan (150 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite (251 hectares); and Sherwood Hills in Trece Martires, Cavite (340 hectares).