Resorts developer upbeat on tourism industry
Firm on track to meeting P264M profit goal for ’12
By Doris C. DumlaoPhilippine Daily Inquirer
Property tycoon Andrew Tan’s integrated tourism arm, Global-Estate Resorts Inc. (GERI), is confident of meeting its net income goal of P264 million for this year given the bright prospects of the Philippine tourism sector.
During the company’s annual stockholders’ meeting on Thursday, GERI president Ferdinand Santos announced that the company had completed 10 subdivision projects while three others were nearing completion.
These projects cover about 190 hectares of land in Baguio City, Bulacan, Batangas, Laguna and Naga City.
GERI also reported the completion of its golf course in Forest Hills, Antipolo City, and the rehabilitation of its golf course in Fairways and Bluewater in Boracay. It launched three of its major projects in Boracay Newcoast: Newcoast Village, Boutique Hotel District, and Shophouse District.
“Coming from our success in 2011, I am pleased to report that reservation sales for the first five months of 2012 have reached P3 billion,” Santos said.
In 2011, GERI posted P1.1 billion in reservation sales.
The company also announced further developments in its two flagship projects—Boracay Newcoast and Twin Lakes. Within its 140-hectare property in Boracay will rise Oceanway Residences, the first condominium cluster on the island and the latest residential phase of Boracay Newcoast.
Another upcoming development in Boracay Newcoast is Savoy Hotel, which is envisioned to redefine the night scene in Boracay.
The group aims to make Savoy Hotel the “Ibiza of Asia” through various electronic dance music festivals and concerts. Part of the Savoy Hotel complex is a row of retail establishments with a 400-square-meter roof deck dance floor overlooking the pool and bar area.
“We remain upbeat on the long-term prospects of the company and the tourism industry. With our focus and expertise, GERI will seal its place as the leading developer of integrated tourism estates in the country,” said Santos.
GERI is expected to develop more than 1,000 hectares of prime land in Boracay, Tagaytay and Nasugbu in Batangas into world-class tourism estates.
The company also reported good results from Twin Lakes in Laurel Batangas, a vineyard resort community overlooking the famous Taal Volcano and Taal Lake.
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Tags: Earnings Forecast , Global-Estate Resorts , property , Real Estate , Tourism
