Business
Genesis Sales at $100 Million; Plans to Publish Its Net Asset Value (NAV)
Genesis Sales at $100 Million; Plans to Publish Its Net Asset Value (NAV)
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Mar. 4, 2010 (Canada NewsWire Group) -- /CNW/ -- Genesis Land Development Corp. (\"Genesis\" or the \"Corporation\") (TSX:GDC) has engaged the independent real estate services firm Cushman Wakefield Ltd. to appraise Genesis's entire land development portfolio. Genesis expects the appraisal to provide an independent assessment of the \"net asset value\" of the Corporation's land portfolio. Genesis expects to receive and release the results of the appraisal within the next 30 days.Genesis is also pleased to announce that for the two (2) months ended February 28, 2010, Genesis has either closed or has contractual sales in place totalling approximately $100 million as follows:Lot Sales: $17 millionNew Home Sales: $48 millionLand Sales: $35 million-------------$100 millionLot Sales---------Type of Sale Number of Lots Approximate Value------------------------------------ -------------- ------------------ConditionalSales are subject to completion ofservicing expected in 2010. 75 $14 millionUnconditionalScheduled to close in 2010. 18 $3 million-------------- ------------------93 $17 millionNew Homes Sales:----------------For the two (2) months ended February 28, 2010, Genesis has sold 103 homes for approximately $48 million which have either closed or are under contract and in various stages of construction or design and scheduled to close during 2010. Of these home sales, 10 homes are in the communities of Saddlestone and Sage Meadows for which home construction will not commence until servicing of lots is completed which is expected to occur in 2010.Land Sale:----------As previously announced (see Genesis press release dated December 9, 2009 for details), Genesis has finalized a sale agreement for +/-147 acres of fully approved lands in North West Calgary for $35 million.Future Developments-------------------Genesis Land Development Corp. is a Calgary based land development company with an estimated inventory of more than 28,000 future residential building sites (single-family and multi-family) and over 1,000 acres of commercial/industrial lands in Western Canada, of which more than an estimated 14,000 residential lots and over 530 acres of commercial/industrial lands are in the Calgary and Edmonton metropolitan areas.Cautionary Statement Regarding Forward-Looking InformationThis press release contains certain stateme...