Global-Estate Resorts Inc. (GERI), the Andrew Tan-led developer of integrated tourism estates, grew its first half net income by 18 percent to P794 million on strong rental business and steady growth of its residential projects.

In a regulatory disclosure, GERI, a subsidiary of Megaworld, said its net income attributable to parent company’s shareholders also grew 18 percent to P814 million during the period, from P691 million a year ago.

Consolidated revenues grew five percent to P3.3-billion from P3.2-billion during the same period last year.

GERI president Monica Salomon said the launch of the company’s first full scale mall, the Southwoods Mall in September last year, contributed to growth.

“After launching Southwoods Malls, we are gearing up to launch more lifestyle malls and retail concepts in the coming years,” Salomon said.

Revenues from continued completion of GERI’s residential projects also helped boost growth.

GERI’s rental revenues grew 218 percent in the first six months to P177-million from only P56-million during the same period last year.

In all, the company hopes to achieve a rental income of P650-million by 2020.

On the other hand, GERI’s real estate business, which comprises all residential-related revenues, grew eight percent to P2.8 billion in the first half from P2.6 billion during the same period last year.

The company has been expanding its residential portfolio in various key markets in Las Piñas City, Rizal, Cavite, Laguna, Batangas, Iloilo and Boracay.

“The ‘integrated lifestyle community’ concept resonates well to our market in pushing our residential offerings. We expect to see more of this pioneering concept in our other properties soon,” Salomon said.