MANILA, Philippines - Fil-Estate Land Inc., now controlled by the Alliance Global Group of real estate tycoon Andrew Tan, has obtained the Securities and Exchange Commission’s (SEC) nod to change its name to Global Estate Resorts Inc. (GERI).
“The new name reflects our focus in establishing tourism estates all over the country to cater to the global market. We have over 1,600 hectares in strategically located tourism hotspots in Boracay, Tagaytay and Batangas to be developed into master-planned tourism-oriented communities,” said GERI AVP Alain Sebastian.
“We believe that the tourism industry will generate new growth for the Philippines, and GERI is well positioned to support this,” Sebastian said.
Tan became the chairman and president of Fil-Estate after purchasing 60 percent through the subscription of the entire P5-billion increase in capitalization of the company.
The group of businessman Robert John Sobrepeña retained a fifth of Fil-Estate, which used to be a premier real estate developer until the 1997 currency crisis gripped Asia.
Alliance Global’s purchase of a majority stake in Fil-Estate is expected to boost the latter’s bid to regain its strong presence in the real estate industry and allow it to pursue projects that had been hampered by liquidity problems.
The deal shall allow Alliance Global to develop more than 1,000 hectares of tourism-oriented communities in the country’s prime tourist spots which include Tagaytay and Nasugbu, Batangas.
Alliance Global is an active player in a wide range of industries, from tourism and real estate development to food and beverage, quick-service restaurants and hotels and resorts development. Among its major units include Travellers International Hotel Group, Megaworld Corp., Emperador Distillers Inc. and the local McDonalds franchise.