MANILA, Philippines - Megaworld Corp. is making its foray into the tourism sector, as it acquired parent company Alliance Global Inc.'s stake in Global-Estate Resorts Inc. (GERI).
Megaworld now owns 80.4 percent of GERI, a leisure estate developer.
"Megaworld’s acquisition of GERI signals our official entry to the country’s tourism industry. We will be bringing the 25-year expertise of Megaworld in mixed-use developments which we call ‘townships’ to the projects of GERI," Andrew L. Tan, Megaworld chairman and CEO, said in a statement.
Megaworld's acquisition of GERI is part of Tan's plan to consolidate all of his property businesses under his flagship company.
With GERI, Megaworld added around 3,000 hectares to its land bank and ownership of vast properties in Tagaytay, Alabang, Iloilo, Cagayan de Oro and Boracay. This brings Megaworld's land bank to close to 4,000 hectares.
GERI's projects include the 1,149-hectare Twin Lakes in Tagaytay, 150-hectare Boracay Newcoast in Boracay, 561-hectare Southwoods City on the boundaries of Carmona, Cavite and Binan, and 170-hectare Sta. Barbara Heights in Iloilo.
Jericho Go, senior vice president, Megaworld, said the company will be taking an active role in the masterplanning of these leisure estates.
Megaworld also owns Suntrust Properties, Inc. and majority of Empire East Land Holdings, Inc.