By James A. Loyola
Global-Estate Resorts, Inc. (GERI), Megaworld Corporation’s subsidiary that develops tourism estates and integrated lifestyle communities, expects to more than double its recurring income to P1.4 billion this year from P651 million in 2018.
In a statement, the firm said its combined income from rental and hotel operations is seen to surge as it ramps up its leasing and hotel portfolio across its developments all over the country.
Main contributors to GERI’s growth in rental income will come from Southwoods Office Towers as well as from the new rental properties that the company will open this year.
GERI is expected to open around 10,000 square meters of leasable spaces this year, including Alabang West Parade, a retail strip in its 62-hectare Alabang West township in Las Piñas City; the Holland Park Retail in Southwoods City, Laguna; Savoy Hotel Boracay retail area in Boracay Newcoast; and a land lease in Eastland Heights in Antipolo, Rizal.
The company expects to quadruple its hotel income due to the opening of three new hotel towers in Boracay Newcoast under the Megaworld Hotels Brand, and the full-year income of the newly-opened Twin Lakes Hotel in Laurel, Batangas.
“We expect another banner year for GERI as we see both leasing and hotel income to be the major drivers of our growth. Our residential sales remain strong, as we also expect new launches of residential properties in Twin Lakes and Boracay Newcoast this yeart,” said GERI President Monica T. Salomon.
Last year, GERI also opened the 126-room Twin Lakes Hotel inside its 1,200-hectare tourism estate in Laurel, Batangas. In 2017, it a opened its first hotel in Boracay Newcoast, the Savoy Hotel Boracay, which offers 559 rooms and suites.
“Through our hotel developments, we hope to contribute to the growth of the country’s booming tourism sector especially in key tourism destinations like Boracay and Tagaytay. Aside from just hotel rooms, we are also providing facilities for MICE (Meetings, Incentives, Conventions and Exhibitions) in these areas,” said Salomon.