The leisure estate development arm of ultra bilyonaryo Andrew Tan, Global-Estate Resorts Inc. (GERI) swung back to positive territory with profit rising 21 percent to P1.3 billion last year.
Consolidated revenues, however, declined to P5 billion from P5.2 billion even as real estate sales increased by three percent to P3.7 billion amid strong demand for leisure developments.
Reservation sales grew by 25 percent to P17.2 billion with Boracay Newcoast accounting for the biggest chunk of 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 chalked up sales of P3.6 billion and P3.4 billion, respectively.
Also boosting sales were Arden Botanical Estate, Southwoods City, and Twin Lakes with a combined contribution of P5 billion.
“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,” said Monica T. Salomon, president of GERI.
Leasing leasing revenues, on the other hand, declined by 34 percent to P409 million as consumer confidence remained subdued for the majority of 2021.
Revenue from hotel operations also decreased by 27 percent to P146 million in 2021 owing to travel restrictions.
SOURCE:Bilyonaryo
