Megaworld's Subsidiary, Global-Estate Resorts, Inc. Reported P2.1 billion in Net Income in 2023, Up 40%

Global Estate Resorts, Inc. (GERI), a leading developer of integrated tourism and leisure townships and a subsidiary of Megaworld, recorded a consistent P2.1 billion in net income in 2023 due to the booking of more vertical residential projects than the higher-margin horizontal projects that were booked the year prior.

In comparison to the prior year, net income to the parent company's stockholders increased by a meager 3% to P1.8 billion.

Conversely, consolidated revenues increased by 14% to P8.3 billion. Strong results throughout all of its business segments—including real estate, rentals, and hotel operations—were the driving force behind this remarkable expansion.

Real estate bookings from the company's projects in Boracay Newcoast, Southwoods City, and Twin Lakes continued to strengthen, resulting in a 10% rise in real estate sales to P6.5 billion.

Reservation sales fully recovered from 2019 and reached P19.2 billion in 2023, demonstrating the ongoing demand for GERI's cutting-edge property offerings. The majority of the surge in demand was driven by GERI's initiatives in the townships of Eastland Heights, Twin Lakes, and Boracay Newcoast.

Benefiting from the rebound in travel and tourism, the hotel category saw a 35% increase in revenues to P567 million. Additionally, GERI's commercial and retail spaces had a notable 21% increase in lease income, amounting to P552 million. This growth was supported by increasing foot traffic and tenant sales.

“As we move forward, GERI remains dedicated to enhancing our townships, driving sustainable growth, and delivering value to our stakeholders. We look forward to launching more projects in new locations very soon,” says Monica T. Salomon, president, GERI

​Today, GERI has nine (9) tourism estates and integrated lifestyle communities across the country covering more than 3,300 hectares of land namely: Twin Lakes in Laurel, Batangas (1,200 hectares); Southwoods City in Biñan, Laguna and Carmona, Cavite (561 hectares); Alabang West in Las Piñas City (62 hectares); Boracay Newcoast in Boracay Island, Aklan (150 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite (251 hectares); and Sherwood Hills in Trece Martires, Cavite (340 hectares).