Business
CIBT's GEC King Edward Project is Near Completion
VANCOUVER, BC / ACCESSWIRE / February 21, 2023 / CIBT Education Group Inc. (" CIBT " or the " Co...
About this update from Global Education Communities Corp
[{"type":"text","content":"CIBT's GEC King Edward Project is Near CompletionVANCOUVER, BC / ACCESSWIRE / February 21, 2023 / CIBT Education Group Inc. (\"CIBT\" or the \"Company\") (TSX:MBA)(OTCQX:MBAIF) is pleased to report that GEC® King Edward has entered the final stages of its completion phase. The occupancy inspection of the project is expected to start in March 2023. The leasehold improvement and furniture installation will follow issuance of the occupancy permit.GEC® King Edward is located at the centre point of Vancouver on Cambie Street, half a block east of West King Edward Avenue and less than 80 metres from the King Edward SkyTrain station. Students can commute to various destinations in Vancouver, including the University of British Columbia campus, Langara College and many universities and colleges within 5 to 30 minutes by SkyTrain or bus. Upon completion, the project will add 48,000 gross buildable square feet to CIBT's real estate portfolio and will offer 44 family-size apartment and townhouse units that accommodate up to 190 tenants.Since September 2022, GEC® King Edward has received many inquiries from local school partners and direct bookings through various social media platforms. By November 2022, approximately four months before expected possession, the initial vacancy rate for this property was already near zero, with a growing waitlist. Please visit https://cibt.net/gallery/gec-king-edward/ to view images of the anticipated furnished suites at GEC® King Edward.\"We are eager to take possession of GEC® King Edward,\" said Toby Chu, Chairman, President and Chief Executive Officer of CIBT Education Group. \"GEC® King Edward will provide accommodations to roughly 190 students with projected annual revenue of $3.2 million, which will help to service the needs of at least some of the ten public and private colleges and universities operating in Metro Vancouver.\"According to a CMHC (Canada Mortgage and Housing Corporation) report1 published on January 26, 2023, the vacancy rate for purpose-built rental apartments has dropped to 0.9% from the previous year's 1.2%, while Rent.ca's February 2023 report2 shows the rental rate for a one-bedroom apartment in Vancouver has increased 24.2% year-over-year, making Vancouver the most expensive rental city in Canada. CIBT will continue to execute its rental developmen...