Andrew Tan’s leisure unit grows profit to P1.5B
Global-Estate Resorts Inc. (GERI) saw its its net income jump by 56 percent to P1.5 billion last year as it continued to develop tourism and leisure communities across the country.
GERI chalked up residential sales of P4.5 billion, four percent higher than the previous year. Sales mostly came from Alabang West, Boracay Newcoast and Twin Lakes.
Rental income soared 54 percent to P161 million with the opening of its first full-scale mall, the P2 billion Southwoods Mall in Binan, Laguna.
Late last year, the company launched The Hamptons Caliraya in Lumban-Cavinti, Laguna, a 300-hectare community which will have lakeside residential villages and villas, a town center and two 18-hole golf courses, clubhouse and a marina club that offers a wide range of water sports activities such as boating, jet ski and kayaking, as well as its own shophouse district and resort hotel district.
GERI also launched the 11-hectare Hamptons Village where lakeside lots with their own private boat docks are being offered.
“In the next three years, we will be introducing more integrated lifestyle communities where nature becomes the focal point of our developments. Our existing land bank offers abundant nature reserves that we want to further nurture and preserve as part of our communities,” said Monica Salomon, president of GERI.