Profit of Andrew Tan-led leisure firm surges on record sales
Bilyonaryo Andrew Tan’s leisure estate arm Global-Estate Resorts Inc. reported a 39 percent jump in net profit last year to P667 million on record sales.
Excluding non-recurring gains, GERI’s consolidated revenues surged 75 percent to P5.21 billion, spurred by its residential business, which contributes around 80 percent of the total revenues.
Real estate sales doubled to a record P4.14 billion owing to the brisk take-ups of residential properties in Alabang West and Boracay Newcoast.
“This 2016, we look forward to more residential and commercial offerings in our various tourism and leisure estates across the country,” said Monica Salomon, president of GERI.
To date, GERI has five integrated leisure and tourism township developments across the country covering around 2,146 hectares of land. These are Boracay Newcoast in Boracay Island, Aklan (150 hectares), Twin Lakes in Laurel, Batangas near Tagaytay (1,200 hectares), Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna (561 hectares), Sta. Barbara Heights in Iloilo (173 hectares), and Alabang West in Las Piñas (62 hectares).
Megaworld currently owns 82.3 percent of GERI and it has taken an aggressive role in transforming GERI’s vast land bank into integrated urban townships.