Property

GERI cuts capital budget by 38%

Bilyonaryo Andrew Tan’s leisure estate arm Global Estate Resorts Inc. has scaled down its capital spending program to P4 billion this year in response to current market conditions.

The reduction in capex reflects GERI’s more cautious approach to expansion in its core markets.

“The company will continue to observe financial discipline to ensure financial stability through prudent cash management and operational efficiency. While we have deferred new township launches, we will push thru with the launching of projects within our integrated estates,” said Monica T. Salomon, president of GERI.

Salomon said GERI has also allocated funds for strategic property acquisitions to allow it to take advantage of opportunities for business expansion and growth.

GERI is set to deliver over P3 billion worth of residential and commercial projects this year.

These include residential units and commercial lots at Boracay Newcoast in Aklan, Twin Lakes in Laurel, Batangas, and Sta. Barbara Heights in Iloilo.

“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,” said Monica T. Salomon, president of GERI.

Salomon assured that development works in its various ongoing projects across the country continue despite the ongoing health crisis affecting the country.

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