MANILA – Global-Estate Resorts, Inc. (GERI), Megaworld’s subsidiary brand for integrated lifestyle and tourism estates, is turning over PHP3 billion worth of residential and commercial projects this year.
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,” GERI president Monica Salomon said in a statement Friday.
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 percent this year from PHP6.5 billion to PHP4 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.
“While we have deferred new township launches, we will push through 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,” Salomon said.
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.
The roadmap focuses on innovations in product design and services; digital transformation; workforce health, safety and well-being; and financial discipline and strategic expansion.
“While the company adopts a prudent outlook during these uncertain times, we will continue to seek opportunities in a rapidly evolving market,” Salomon added. (PR)
