Megaworld subsidiary eyes P1.4-B income from rentals, hotels in 2019

MANILA, Philippines – Megaworld Corporation's listed tourism and integrated lifestyle communities arm expects to double its income to P1.4 billion from rental and hotel operations in 2019 after it unveiled a number of projects in Luzon and the Visayas.

In a statement on Thursday, June 27, Global-Estate Resorts, Incorporated (GERI) said it is expecting its Southwoods Office Towers and new rental properties set to open this year to be the main contributors to income growth. 

GERI's projects will open up about 10,000 square meters of leasable space in Antipolo City, Boracay, Las Piñas City, and Laguna. (READ: Megaworld plans more developments in Visayas, Mindanao)

This year's income from hotel operations alone is expected to quadruple after the opening of the Twin Lakes Hotel in Laurel, Batangas, and new hotel towers in Boracay Newcoast.

"Through our hotel developments, we hope to contribute to the growth of the country's booming tourism sector especially in key tourism destinations like Boracay and Tagaytay," GERI president Monica Salomon said in the statement.

"Aside from just hotel rooms, we are also providing facilities for MICE (meetings, incentives, conventions, and exhibitions) in these areas," she added. – Rappler.com