Manila–(PHStocks)–Megaworld Corp. (PSE: MEG) subsidiary Global-Estate Resorts Inc. (PSE: GERI), the country’s biggest developer of integrated leisure and tourism townships, posted a net income of PhP667 million (net of PhP181 million non-recurring gain) for 2015, a 39% increase from PhP479 million (net of PhP377-million non-recurring gain) in 2014.
Excluding non-recurring gains, GERI’s consolidated revenues in 2015 amounted to PhP5.21-billion, 75% up from PhP2.98-billion the previous year. The company’s remarkable growth was spurred by its residential business, which contributes around 80% of consolidated revenues. Real estate sales doubled to a record PhP4.14-billion in 2015 from PhP2.05-billion in 2014 which are attributed to the fast take-ups of residential properties in Alabang West and Boracay Newcoast.
“Certainly, the residential business continues to be strong for GERI as we maintain the momentum of growth for the company. Our key strength is our scalable and strategic land bank – the benefits of which are evident in our bullish performance during the past years. This 2016, we look forward to more residential and commercial offerings in our various tourism and leisure estates across the country,” says Monica Salomon, president, GERI.
To date, GERI has five (5) integrated leisure and tourism township developments across the country covering around 2,146 hectares of land. These are Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Laurel, Batangas near Tagaytay (1,200 hectares); Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); and Alabang West in Las Piñas (62 hectares).
Megaworld currently owns 82.3-percent of GERI and it has taken an aggressive role in transforming GERI’s vast land bank into integrated urban townships, the concept that Megaworld pioneered in the Philippines.