Andrew Tan’s leisure estate arm books P1.4B profit in 9 months
Global Estate Resorts Inc., the leisure estate firm of Megaworld Corp., grew its nine-month net income by 9% to P1.4 billion on strong growth of its rental and hotel businesses.
Revenues climbed 19% to P5.9 billion, largely driven by its hotel operations, which reported a 430% growth to P665 million due to new hotel openings in Twin Lakes and Boracay Newcoast.
Rental revenues nearly doubled to P571 million. The real estate business remained steady at P4.2 billion, accounting for over 70% of the total revenues, which mostly came from the sale of residential and commercial lots as well as condominium units in Twin Lakes, Southwoods City and Boracay Newcoast.
GERI, along with its parent company Megaworld, are jointly developing a 251-hectare property located at the boundary of Trece Martires and Tanza in Cavite called Arden Botanical Estate.