Global-Estate Sees 21% Rise As 2018 Capital Reaches P1.7 Billion

Global-Estate Resorts Inc. (GERI) in the Philippines had a profitable 2018 as its net income rose by 21%, good for a PHP 1.7 billion profit. The Manila Times reported that this was a better year by far, trumping the PHP 1.4 billion profit they had in 2017. Strong property sales accounted for the accumulated wealth of the property developer.

GERI released a statement baring their real estate profits in 2018, which had also grown by the aforementioned 21%. The sales amounted to PHP 6.4 billion, marking an increase from the PHP 5.3 billion that they had in 2017. Net income from the parent climbed up 3.4 percent, good for a profit of PHP 1.5 billion from PHP1.45 billion.

The amount was from GERI's Southwoods Mall in Binan, Laguna, which had created net profits of PHP 427 million, a 165 percent jump in rental revenues from leasing. That was in 2018; in the same period, the firm posted profits of PHP 161 million from 2017, making it appear that the Southwoods market gamble was the right one.

This year, GERI is focusing on another property, this time to be built in Laurel, Batangas, near the Tagaytay area. The development is to be called the 'Twin Lakes' tourism estate and is expected to net the developers a total of PHP 900 million in sales. The property is also a residential development and the fourth one within the developer's portfolio, according to MB Business.

The residential units are eight-stories high and will be built as a 'resort-type condominium tower.' The condominium tower will also offer 129 units of studio (32 sq more units); executive studio (37.5 sq more units); and one-bedroom (58.5 sq meter units). Each unit will feature its own private balcony, from which owners can view the Taal Lake, as well as the volcano.

Glenn Heraldo, Megaworld Global-Estate Inc's head of sales and marketing, said that the Twin Lakes Countrywoods will be built on a hill ridge, enabling owners to partake in the majestic view of the Taal lake and volcano. Aside from that, they will also gain access to the surrounding green landscapes the area is famous for.

From the looks of it, GERI is off to a breakneck start in a year that has been notorious for a calm real estate market. No doubt it is looking to make more than just the profits notched in 2018, which is highly possible, considering how they managed to improve from their 2017 profits.

© 2019 Business Times All rights reserved. Do not reproduce without permission.
Loading...
Sign Up for Newsletters and Alerts