Despite virus woes, Geri to turn over P3-B projects this year
Billionaire Andrew Tan’s Global-Estate Resorts Inc. (Geri) is keeping commitments to turn over residential and commercial projects this year despite core businesses taking a hit from the COVID-19 pandemic.
The company, a subsidiary of real estate giant Megaworld Corp., said the projects have a combined value of P3 billion and include properties in Boracay Island, Tagaytay and Iloilo.
Geri is the group’s arm focused on lifestyle and tourism estates—a sector that is among those severely affected by the global crisis.
In a report, Geri said profit during the first six months of 2020 declined 9 percent to P728 million.
Core segments such as real estate sales and hotels fell 23 percent and 67 percent, respectively, during the period, which also saw events such as the Taal Volcano eruption.
“We uphold our commitment to our customers for the timely completion and turnover of projects even if we are in the middle of a pandemic,” Monica Salomon, Geri president, said in a statement.
The aforementioned projects are those in Geri’s Boracay Newcoast in Aklan, Twin Lakes in Laurel, Batangas, and Sta. Barbara Heights in Iloilo.
Other projects continue, albeit, at a slower pace. The builder slashed capital spending this year by 38 percent to P4 billion. This was due to limited movement and social distancing rules, it said.
“The company will continue to observe financial discipline to ensure financial stability through prudent cash management and operational efficiency,” Salomon said.
“While we have deferred new township launches, we will push through with the launching of projects within our integrated estates. We have also allocated funds for strategic property acquisitions to allow us to take advantage of opportunities for business expansion and growth,” she added. —MIGUEL R. CAMUS INQ
