Global Estate posts 10% hike in net income

 Economy
Apr 162014
 

MANILA, Philippines – Tourism estate developer Global -Estate Resorts Inc. (GERI) of property tycoon Andrew L. Tan reported higher profits last year as sales of its leisure projects remain strong.

In a regulatory filing, GERI said its net income rose nearly 10 percent to P321.39 million from P294.17 million in 2012.

Consolidated revenues climbed by more than a quarter to P1.75 billion from P1.39 billion. The bulk of revenues came from real estate sales, realized profits on year’s sales, hotel operations, rental and finance, and other income.

“Real estate sales came from the sale of residential subdivision lots and townhouses amounting to P906 million,” GERI said.

GERI said it recorded higher sales from the sale of lots in Newcoast Shophouse District, Boutique Hotel and The Village in Boracay; Sta. Barbara Heights in Iloilo City; Twin Lakes Domaine Le Jardin in Laurel, Batangas; and Cathedral Heights in Quezon City.

The company added that said robust real estate sales figures were driven by aggressive marketing program and take-up of new projects.

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Meanwhile, total cost and expenses rose to P1.31 billion from P1.07 billion due to higher cost of real estate sales, services, hotel operations and operating expenses.

GERI is the company behind several tourism estates such as the 150-hectare Boracay Newcoast in Boracay Island; the 1,149-hectare rolling terrains of Twin Lakes in Tagaytay; and the 170-hectare Sta. Barbara Heights in Iloilo City.

It is part of Tan’s Alliance Global Group Inc., which is also into property (Megaworld Group), liquor (Emperador Inc.) fastfood (McDonald’s franchise operator Golden Arches Development Corp.) and hotels and casino (Travellers International Hotel Group Inc.).

Alliance Global unit sets P20-B tourism estate

 Economy
Apr 142013
 
Alliance Global unit sets P20-B tourism estate

MANILA, Philippines – Global Estate Resorts Inc. (GERI), a subsidiary of Alliance Global Group Inc. (AGI), is spending P20 billion to develop the Twin Lakes tourism estate. “(GERI) is actually infusing about P20 billion for the next five years in the development of Twin Lakes,” Erwin Francis Go, GERI’s vice president for sales and marketing told reporters in a briefing for the launch of the project. The 1,149-hectare Twin Lakes overlooking Taal Lake, will be the first vineyard resort community in the country. The project features a vineyard, commercial and retail hubs, residential villas and condominiums, a nature park as well as a university park. Among the components of the project is the 177-hectare Vineyard community which comprises of an actual vineyard for growing grapes to be used to produce wine. “We are devoting 10 hectares of land to develop purely the grapes which will be used in making wine,” Go said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The production of wine will be handled by Emperador Distilleries Inc., the food and beverage arm of AGI. “That is what makes us stand out among all the developments. We are the only vineyard resort community and we have that vineyard as a take-off for the project,” Go noted. The Vineyard community will also have a winery or chateau, as well as a hotel and resort. Aside from the vineyard, GERI is developing the 1.3-hectare Shopping Village and 24-hectare Laketown Shore Center in Twin Lakes which will have commercial Read More …