Screengrab from www.global-estate.ph
MANILA, Philippines–Tourism estate developer Global Estate Resorts Inc. posted a net profit of P200 million in the first semester, 35 percent higher year-on-year due to strong real estate sales from various leisure estate projects.
Total revenues during the first half amounted to P1.4 billion, up 56 percent from the previous year on the back of revenues booked from Boracay Newcoast, Twin Lakes and Southwoods City alongside higher hotel income.
As an indicator of future revenue growth, GERI posted P6.5 billion in reservation sales in the first half, 30 percent than the level in the same period last year.
“We are confident that we can sustain the growth momentum of GERI for the remainder of the year,” GERI president Ferdinand Santos said in a press statement.
GERI now has three major developments namely: the Boracay Newcoast and the Twin Lakes resort community and Southwood City.
The company is investing P15 billion to develop Boracay Newcoast, which has a landbank of 150 hectares occupying roughly 15 percent of Boracay. Also being developed within Boracay Newcoast are the Newcoast Village, the Town Center Shophouse District, the Boutique Hotel District, the Oceanway Residences, Savoy Hotel Boracay and Belmont Hotel Boracay.
Twin Lakes, GERI’s second flagship project, is a 1,200-hectare community in Laurel, Batangas, just off Metro Tagaytay. The company is initially putting in P5 billion for the development of this first-of-a-kind vineyard resort community which is being groomed to be the premiere medical and educational tourism destination in the country.