Andrew Tan’s Global-Estate Resorts Inc. (GERI) posted P1.3 billion in net income last year, down 25 percent.
Consolidated revenues ended at P5.2-billion, down 37 percent.
Across the different business segments, revenues from the company’s leasing operations declined 17 percent year-on-year to P619-million in 2020 from the previous year’s P747-million.
“While the office leasing business remained stable, the company’s commercial business softened as a result of pandemic-related restrictions,” the estate developer said.
Similarly, hotel revenue declined 75 percent to P201-million in 2020 from P814-million in the previous year as a result of prevailing travel restrictions.
However, the company sold residential projects worth almost P12-billion last year. These are in Boracay, Antipolo, Cavite, Laguna, and Batangas.
In Boracay Newcoast alone, the company sold P4.22-billion worth of projects last year, particularly the Newcoast Village lots as well as commercial lots inside the 150-hectare estate, even amid the global pandemic that hit tourism locations such as Boracay Island.
It also sold P2.17-billion worth of residential lots in Eastland Heights, a 640-hectare integrated lifestyle community in the mountains of Antipolo that is surrounded with forests and a golf course.
Around 1.5-billion worth of residential houses and lots have also been sold in Arden Botanical Estate, another rising 250-hectare integrated lifestyle community at the boundary of Tanza and Trece Martires in Cavite, while another P1.4-billion worth of residential condominium units and village lots were sold inside the 561-hectare Southwoods City in Biñan, Laguna, and another P1.17-billion worth of residential lots and condominium units were sold in the expansive 1,200-hectare Twin Lakes in Laurel, Batangas.
GERI president Monica Salomon said people realized that living outside the metropolis is a wise decision to make during this time.
“Even our Alabang West property, which is still within Metro Manila, but already towards Cavite, sold more than a billion worth of lots in the middle of the lockdown. Demand for our residential properties in the provincial areas certainly boosted our revenues, offsetting the downtrend of our leasing businesses, which, just like our peers in the industry, have been affected by this pandemic,” she said.
GERI is a leading developer of master-planned integrated tourism estates and a subsidiary of Megaworld.
At present, it has eight integrated tourism developments across the country covering more than 3,300 hectares of land.