Global-Estate Resorts, Inc. (GERI), a subsidiary of Megaworld, reported consolidated revenues of P5 billion for full-year 2021. Meanwhile, the company’s total net income increased by 15% year-on-year to P1.5-billion from P1.3-billion previously.
The company’s income attributable to the parent company’s shareholders likewise grew by 21% year-on-year to P1.3-billion from the previous year’s P1.1- billion.
Real estate sales contributed the lion’s share of revenues, registering a 3% increase to P3.7-billion as compared to the year before, in line with the expansion in construction activity. Real estate sales for the fourth quarter of 2021 alone came in at P1.0-billion, 49% higher than the same period last year.
In 2021, GERI continued to bank on the strong demand for leisure developments, with reservation sales growing by 25% year-on-year to P17.2-billion. Boracay Newcoast led the company’s property sales with P4.1-billion worth of projects sold in 2021. This was followed closely by Eastland Heights and Alabang West, which registered sales amounting to P3.6-billion and P3.4-billion, respectively. The rest of GERI’s offerings also registered strong demand with Arden Botanical Estate, Southwoods City, and Twin Lakes combining for P5.0-billion in sales during the year.
“For 2021, we continued to capitalize on the strong demand for properties in the provinces. Aside from the intrinsic attractiveness of owning a place that allows you to commune more closely with nature, the past couple of years also highlighted the potential of owning real estate as an investment. In fact, the underlying land values for our offerings continued to appreciate at a brisk pace in spite of the pandemic,” says Monica T. Salomon, president, GERI.
On the other hand, the company’s leasing revenues declined by 34% year-on-year to P409-million as consumer confidence remained subdued for the majority of 2021.
Revenue from hotel operations also declined by 27% to P146-million in 2021 from P201-million in the previous year as a result of prevailing travel restrictions. However, the relaxing of restrictions in the fourth quarter of 2021 led to a resurgence in bookings, resulting in a 231% increase in quarterly hotel revenue to P78-million versus the preceding quarter.
“The increased economic activity in the last couple of months of the year has really been a boon for us.
Furthermore, the relaxation of travel requirements will help sustain the ramp-up in operations of our hotels which rely a lot on leisure and tourism-related activities,” adds Salomon.
Today, GERI has eight (8) integrated tourism developments across the country covering more than 3,300 hectares of land namely: Twin Lakes in Laurel, Batangas (1,200 hectares); Southwoods City in Biñan, Laguna and Carmona, Cavite (561 hectares); Alabang West in Las Piñas City (62 hectares); Boracay Newcoast in Boracay Island, Aklan (150 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); and The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); and Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite (251 hectares).