Global-Estate Resorts prepares for launches and expansion

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

“As the recovery in the tourism and leisure market gathers momentum, we are opening the Boracay Newcoast Convention Center this year,” GERI President Monica T. Solomon said Friday at the virtual annual meeting of shareholders. the society.

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

“The convention center will complement and support our hotel business in Boracay, comprised of the Belmont and Savoy hotels and the upcoming Chancellor hotel, which is expected to be completed next year,” Ms. Solomon said.

The convention center and hotels are located in 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, commercial, hotel and leisure components.

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

“Boracay remains the number one tourist destination in the country,” she said.

This year, GERI has allocated 5 billion pula for the construction of already launched projects and the acquisition of land for future developments. It also engages in land acquisitions and maintains an inventory of greenfield 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 land in nature-inspired environments is growing. As such, we are launching new offerings at Eastland Heights in Antipolo, Arden Botanical Estate in Cavite and Hamptons Caliraya across Lake Caliraya in Laguna,” Ms. Solomon said.

The company is also on track to hand over residential lakefront lots at Hamptons Caliraya in Laguna and condominium units at Boracay Newcoast in Aklan, Twin Lakes in Tagaytay and Tulip Gardens in Southwoods City this year for $4. billion pesos.

“We approached 2022 with great optimism as all indicators point to growth across all sectors of the economy. tourism and recreation,” Ms. Solomon said.

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

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