July 24, 2022

Commodity Reporters Guild

Latest Investing Ideas & Tips from Pros. Your daily news source covering investing ideas, market stocks, business, retirement tips from Wall St. to Silicon Valley.

Global-Estate Resorts readies launches, expansion

GLOBAL-ESTATE RESORTS, Inc. (GERI) is set to open this year a 1,200-seater convention center in Boracay while moving to complete another hotel on the island by 2023, as the company outlines new leisure offerings amid signs of economic recovery.

“As the recovery of the tourism and leisure market gains momentum, we are opening this year the Boracay Newcoast Convention Center,” GERI President Monica T. Solomon said during the company’s virtual annual stockholders meeting on Friday.

She described the project as an ideal venue for industry meetings, conventions, expositions, weddings, and events.

“The convention center will complement and support our hotel business in Boracay consisting of the Belmont and Savoy hotels and the upcoming Chancellor hotel, which is due for completion next year,” Ms. Solomon said.

The convention center and the hotels are within GERI’s Boracay Newcoast project, a resort haven that also houses its Newcoast Village and Oceanway Residences.

GERI is a subsidiary of Andrew L. Tan’s Megaworld Corp. It is primarily engaged in the development of integrated tourism and leisure estates, and integrated lifestyle communities with residential, retail, hotel, and leisure components.

Ms. Solomon said demand for the company’s leisure products on the island remains, high allowing it to expand its Newcoast village this year.

“Boracay remains to be the top tourist destination in the country,” she said.

This year, GERI has allocated P5 billion for the construction of previously launched projects and the acquisition of land for future developments. It also engages in land acquisitions and maintains an inventory of raw land for future development.

Next year, GERI plans to launch two new townships in an attempt to return to pre-pandemic growth.

“Closer to Metro Manila, the market for residential lots in nature-inspired settings is growing. Thus, we are launching new offerings in Eastland Heights in Antipolo, Arden Botanical Estate in Cavite and Hamptons Caliraya fronting Caliraya Lake in Laguna,” Ms. Solomon said.

The company is also on track to turn over this year lakefront residential lots in Hamptons Caliraya in Laguna and condominium units in Boracay Newcoast in Aklan, Twin Lakes in Tagaytay and Tulip Gardens in Southwoods City amounting up to P4 billion.

“We faced 2022 with much optimism as all indicators point to growth in all sectors of the economy. Together with the entire nation, we celebrate the easing of travel restrictions paving the way for the recovery of tourism and leisure industries,” Ms. Solomon said.

On Friday, shares in GERI ended unchanged at P0.83 apiece. — Justine Irish D. Tabile