Global-Estate Resorts Inc. (GERI), the leisure and tourism subsidiary of Megaworld Corp., expects to double its rental and hotel income this year to P1.4 billion from P651 million in 2018 as it continues to roll out more projects across township developments.
GERI said in a disclosure to the stock exchange Thursday the main contributors to the company’s growth in rental income would come from office developments in Southwoods, Alabang, as well as from the new rental properties set to be launched this year.
“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 year,” said GERI president Monica Salomon.
GERI this year expects to open around 10,000 square meters of leasable spaces, which include Alabang West Parade, a retail strip in the 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.
Salomon said GERI was also expected to quadruple its income from the hotel business due to the opening of three new towers in Boracay Newcoast under the Megaworld Hotels brand, and the full-year income of the newly-opened Twin Lakes Hotel in Laurel, Batangas.
GERI in 2018 opened the 126-room Twin Lakes Hotel inside its 1,200-hectare tourism estate in Laurel, Batangas. It also opened in 2017 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,” Salomon said.
GERI has four tourism estates and two integrated lifestyle communities across the country covering more than 3,000 hectares of land.