GERI eyes P8 billion in sales from Ortigas condo

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GERI eyes P8 billion in sales from Ortigas condo
THE Fifth is a 36-storey condominimum in Ortigas Center. — COMPANY HANDOUT

GLOBAL-ESTATE Resorts, Inc. (GERI) is aiming to generate P8 billion in sales from its fifth residential condominium in Ortigas Center, banking on its proximity to educational institutions and key business districts.

In a statement issued over the weekend, the developer of leisure and tourism estates of Megaworld Corp. said it is launching The Fifth, a 36-storey condominium within its Renaissance complex along Meralco Avenue in Ortigas Center.

The project will offer studio units sized up to 37 square meters (sq.m.), one-bedroom units up to 86 sq.m., two-bedroom units up to 137 sq.m., and three-bedroom units up to 229 sq.m. All units will have their respective balconies.

The Fifth will allow its residents to live less than five minutes away from institutions such as the Asian Development Bank, Poveda College, the University of Asia and the Pacific, and The Medical City.

Amenities include a sky lounge, viewing decks, cabanas, al fresco bar, lounging and yoga deck, outdoor playground, children’s playroom, fitness center, a swimming pool, whirlpool bathtubs, function hall, coffee shop, spa, and a working space.

“The Fifth will offer unique amenities that allow young professionals, start-up families and even millennials find time to slow down and relax at the end of each busy day. We are very excited about this new residential community,” Megaworld Global-Estate, Inc. Head of Sales and Marketing Karen Piolo-Arcilla was quoted as saying in a statement.

GERI looks to complete the project by 2024.

Other residential properties within the Renaissance complex are condominium towers called the Renaissance 1000, Renaissance 2000, and Renaissance 3000.

The company’s net income attributable to the parent jumped 25% to P407 million in the first three months of 2018, supported by revenues of P1.66 billion during the period. GERI benefited from the 222% surge in rental income to P87 million following the opening of its first full-scale mall in Biñan, Laguna called the Southwoods Mall.

Southwoods Mall is located within GERI’s 561-hectare tourism estate called Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna.

Its other tourism estates and integrated lifestyle communities include the 150-hectare Boracay Newcoast in Boracay Island, the 1,200-hectare Twin Lakes in Alfonso, Batangas, the 62-hectare Alabang West in Las Piñas, the 640-hectare Eastland Heights in Antipolo, Rizal, and the 300-hectare The Hamptons Caliraya in Lumban-Cavinti, Laguna.

GERI is one of the property units under tycoon Andrew L. Tan’s Alliance Global Group, Inc., which also has investments in gaming, liquor, and quick serviced restaurants. — Arra B. Francia