Posted on June 28, 2012 10:18:58 PM [
BusinessWorld Online ]
LISTED GLOBAL-ESTATE Resorts, Inc.,
the leisure development arm of Alliance Global Group, Inc., is looking to grow
profits by a fifth this year, an official yesterday said.
“Our primary objective this year is to
achieve earnings growth of at least 20% over last year, and second, to enhance
[our] position as the leading developer of master planned tourism estates,”
said Ferdinand T. Santos, Global-Estate Resorts president, during the firm’s annual
stockholders’ meeting.
This could mean P264 million in
profits from the P220 million the firm recorded in 2011.
To achieve its goal for the year, the
company is eyeing P2.5 billion in capital expenditures, to be bankrolled by a
mix of internal funds and debt, Mr. Santos said.
As of the first quarter, the company
had already completed ten subdivisions covering roughly 190 hectares in the
cities of Baguio and Naga and the provinces of Bulacan, Batangas, Laguna, a
disclosure to the local bourse showed yesterday.
Reservation sales, which amounted to
roughly P1 billion last year, is expected to double, Mr. Santos added.
“[And] we remain upbeat on the
long-term prospects of tourism, and of the company. With our focus and
expertise, Global-Estate Resorts will truly seal its place as the leading
developer of integrated tourism estates, he said.
Global-Estate Resorts is currently
developing two township projects: Boracay Newcoast off Aklan, and Twin Lakes in
Tagaytay City.
The P15-billion Boracay Newcoast, comprising
14% of Boracay island, is expected to attract 350,000 tourists annually and
generate 3,000 new jobs. The development will include hotels, retail, sports
and leisure facilities, residential villages, and condominiums, earlier reports
said.
Meanwhile, the first phase of the
P5-billion, 1,149-hectare Twin Lakes, the country’s first vineyard resort
community overlooking Taal Lake, will feature a hotel, spa, shopping center,
and residential village. -- F. J. G. de la Fuente
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