Property

Andrew Tan’s tourism arm posts lower earnings in first half

Global Estate Resorts Inc., the leisure arm of bilyonaryo Andrew Tan, saw its net income decline by 9% to P728 million in January to June as strict lockdown measures weighed on its operations.

Global Estate Resorts Inc., the leisure arm of bilyonaryo Andrew Tan, saw its net income decline by 9% to P728 million in January to June as strict lockdown measures weighed on its operations.

Consolidated revenues fell 29% to P2.9 billion as rental income slumped by 8% to P347 million.

GERI chalked up real estate sales of P2.17 billion during the period.

Hotel operations plummeted by 67% to P162 million, mainly due to no operation of all hotels starting March 17 owing to the enhanced community quarantine.

“Boracay was closed to tourists during the second quarter but as soon as the quarantine measures were relaxed in June, we saw a steep climb on the sales of our commercial and village lots in Boracay Newcoast. Buyers now prefer residential and leisure products in nature-rich settings outside of Metro Manila,” said GERI president Monica T. Salomon.

In the second quarter, GERI saw reservation sales surging to P3.6 billion from P2.2 billion.

Residential projects in Boracay Newcoast in Aklan, Arden Botanical Estate in Cavite, Eastland Heights in Antipolo, Rizal, and Hamptons Caliraya in Laguna comprised the bulk of P5.8 billion sales during the first half.

GERI has eight integrated tourism developments nationwide covering more than 3,300 hectares.

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