Posted Jan 11, 2021, 10:02 PM
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Join Date: Dec 2015
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Quote:
CIBT Provides Update on GEC King Edward Project
January 5, 2021
Vancouver, B.C., January 5th, 2021 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to provide an update on the GEC King Edward® project (the “Project”). In October 2017, GEC King Edward Limited Partnership acquired three parcels of land to develop student-centric rental apartments to be combined with allocated floors for Vancouver’s burgeoning corporate housing sector. The Project received rezoning approval on January 21, 2020 and the development permit on September 9, 2020. On October 16, 2020, the Project received both the building permit (stage 1) and construction financing approval. As a result, the demolition and pre-construction works are well underway, which will then be followed by construction works. The construction period will be approximately 18 months, slated for a mid-2022 completion.
“The Project has been progressing on schedule and we are pleased that the construction of new rental apartments will commence soon,” commented Toby Chu, Chairman, President and Chief Executive Officer of CIBT. “Due to the centralized location of this project and its proximity to the SkyTrain station, we will be adding a corporate housing component to this project by collaborating with global technology companies that either have a significant presence in Metro Vancouver or are looking to expand to the city. In 2021, we hope to continue rapidly developing our real estate segment in order to grow our tenant base and add more value to our rental-housing portfolio.”
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https://cibt.net/blog/2021/01/05/cibt-provides-update-on-gec-king-edward-project/
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