GERI expects P1.2 billion in sales from residential condo in Laguna

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GLOBAL-ESTATE Resorts, Inc. (GERI) expects to generate P1.2 billion in sales from its newly launched residential property in Southwoods City in Laguna, following the strong take-up for its first project in the estate.

The leisure and tourism subsidiary of Megaworld Corp. said in a statement over the weekend that it will be launching Tulip Gardens, a 22-storey residential condominium project in Southwoods City in Biñan, Laguna.

The development will offer studio units covering up to 28.5 square meters (sq.m.) and one-bedroom units reaching up to 41 sq.m., for a total of 372 units spread out over five mid-rise buildings.

Amenities include jogging paths, picnic areas with cabanas and pavilions, indoor playroom, two outdoor playgrounds, a fitness center, a lap pool, a kiddie pool, and a multipurpose hall.

Some units will also have their own lanai which can give residents a view of Southwoods City, Laguna, and Cavite.

“Tulip Gardens is an innovation in residential high-rise living, where leisure and relaxation take center stage in a community setting. We are providing more amenities so that our residents will feel like they live in a resort,” Megaworld Global-Estate, Inc. Vice-President for Sales and Marketing Mary Rachelle I. Peñaflorida said in a statement.

The newest development inside Southwoods City will be located near the newly opened Southwoods Mall and the Sto. Niño de Cebu Parish, and can be accessed through the Southwoods exit of the South Luzon Expressway.

The listed firm targets to complete the project by 2023.

Tulip Gardens is GERI’s second residential project in Southwoods City, following the launch of Holland Park back in 2014. The company said Holland Park has so far sold P2.7 billion worth of units from its four towers.

“The spike in the demand for residential condo units in Southwoods City was a big surprise considering that the township has been known for its vast horizontal residential villages like Pahara,” Ms. Peñaflorida said, referring to the 26-hectare upscale residential village inside Southwoods City that was launched in 2014.

The GERI executive added that they have so far sold out more than 600 units of Holland Park, and that “the demand for more units continues to grow.”

Southwoods City is a 561-hectare township of GERI’s sister firm Megaworld, which is being positioned as the next central business hub outside Metro Manila.

GERI booked P406.9 million in net income attributable to the parent during the first quarter of 2018, up by a fourth than the P325.8 million it realized during the same period a year ago. Revenues, meanwhile, were flat at P1.66 billion.— Arra B. Francia