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GERI projects leasing income to quadruple to P650 M by 2020

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By James A. Loyola

 

Global-Estate Resorts, Inc. (GERI), a subsidiary brand of Megaworld, is expecting its rental income to more than quadruple by 2020 with the opening of new commercial centers and office towers in its various tourism estates across the country.

“In three years, our target rental income is P650 million, which is more than four times our rental income this year. We want to build our recurring income portfolio to ensure a stronger bottomline,” said GERI President Monica Salomon.

This year, the company’s rental income is expected to reach P150 million, coming from office and commercial retail revenues in its properties in Pasig City, Laguna, and Batangas.

Within the year, the company will also open retail spaces in Southwoods Mall and Southwoods Office Tower at the 560-hectare Southwoods City. Another row of retail spaces will also open in Boracay Newcoast.

GERI also revealed that it is launching more “integrated lifestyle communities” (ILC) in the next three years. This new concept of property development was rolled out by GERI when it launched Eastland Heights in Antipolo late last year.

ILC differs from a township as it focuses on an expansive residential development with commercial components and nature as the extended amenity of the community.

“We have three ILCs in our pipeline for launch before 2020. These developments are all in the south of Metro Manila where there is still abundance of nature,” Salomon revealed.

The company is allocating R20 billion for its various developments in the next three years.

Currently, GERI has six integrated leisure and tourism estate developments across the country covering around 2,786 hectares of land.

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