High residential sales drove the 151% increase, says GERI
Pahara, the residential subdivision at Southwoods City
Megaworld subsidiary, luxury real estate developer Global-Estate Resorts Inc. (GERI), recently announced a 151% upsurge in profits to Php857 million for 2014 from Php341 million in 2013. Minus the non-recurring gain of Php377 million, the brand’s net income of Php480 million is a 41% year-on-year increase. Total revenues for GERI also reflected a 97% growth year-on-year from Php1.71 billion in 2013 to Php 3.36 billion last year.
According to GERI, the increase was driven by real estate sales led by Southwoods City and Alabang West, resulting to Php 2.04 billion total sales for 2014 compared to Php856 million in 2013.
“GERI has again set the bar by achieving another banner year. This year will be another exciting year for GERI and we expect continuing growth in the company’s revenues as we launch more projects in the coming years,” Global-Estate Resorts, Inc. chief financial officer Lailani Villanueva said.
GERI currently has five major developments: Boracay Newcoast (Boracay Island), Twin Lakes (Laurel, Batangas), Southwoods City (Cavite-Laguna boundary), Sta. Barbara Heights (Sta. Barbara, Iloilo), and Alabang West.
In 2014, GERI launched five projects, namely Pahara at Southwoods and Holland Park Tower 1 in Southwoods City; Alabang West Village; The Vineyard Residences – Shiraz Tower in Twin Lakes; and Sta. Barbara Heights Phase III.