GERI to Turn Over P3B Worth of Completed Projects in 2020

Megaworld Corp. (PSE: MEG) subsidiary Global-Estate Resorts Inc. (PSE: GERI) is turning over P3-billion worth of residential and commercial projects this year, as the company stands to its commitment of timely delivery of projects to customers.

These project turnovers include residential units and commercial lots at Boracay Newcoast in Aklan, Twin Lakes in Laurel, Batangas, and Sta. Barbara Heights in Iloilo.

“We uphold our commitment to our customers for the timely completion and turnover of projects even if we are in the middle of a pandemic,” says Monica T. Salomon, president, GERI.

The company also assured that development works in its various ongoing projects across the country will continue and will remain unhampered by the ongoing health crisis affecting the country.

However, GERI is cutting its capital spending by 38% this year, from P6.5-billion to P4-billion, as the lockdowns, regional quarantine measures, and physical distancing rules continue to restrict the movement of materials and workers in the company’s construction sites.

“The company will continue to observe financial discipline to ensure financial stability through prudent cash management and operational efficiency. While we have deferred new township launches, we will push thru with the launching of projects within our integrated estates. We have also allocated funds for strategic property acquisitions to allow us to take advantage of opportunities for business expansion and growth,” explains Salomon.

GERI also rolled out its roadmap towards recovery from the health crisis that affected most of its core businesses during the first half of the year.

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