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Global Education Communities Corp. Takes Possession of the 8th GEC(R) Branded Rental Property
VANCOUVER, BC / ACCESSWIRE / May 30, 2023 / Global Education Communities Corp. (the " Company " ...
About this update from Global Education Communities Corp
[{"type":"text","content":"Global Education Communities Corp. Takes Possession of the 8th GEC(R) Branded Rental PropertyVANCOUVER, BC / ACCESSWIRE / May 30, 2023 / Global Education Communities Corp. (the \"Company\" or \"GEC Corp.\") (TSX:GEC)(OTCQX:GECSF), is pleased to announce that its new GEC® branded property, GEC® King Edward, received its occupancy permit on May 29, 2023. The GEC® operations team has completed all the FFE (furniture fixture equipment) and smart-furniture installations, fibre-optic internet connections, security surveillance systems, decorating and other building occupancy preparations for a typical GEC® branded property. The first group of students is scheduled to start moving in on June 1, 2023, and the move-in schedules have been booked from June 1 to June 30, 2023.GEC® King Edward is less than 80 metres from the Canada Line SkyTrain/subway station at Cambie Street and West King Edward Avenue. It is a five-storey concrete and wood construction with 48,140 gross buildable square feet and 44 residential units consisting of apartments and townhouses. The facility can accommodate approximately 188 residential tenants, which enables GEC® King Edward to potentially generate a gross annual revenue of approximately $3.2 million. While the total project cost is approximately $52 million, the market value of this property has increased substantially due to lower land acquisition costs that were incurred six years ago, complemented by attractive leased-up rates and near zero vacancies.Photos of GEC® King Edward are available at: https://gechq.com/gallery/gec-king-edward/A 3D virtual link of GEC® King Edward is available at: http://360wp.irix.design/GEC/ke/\"Although it has taken us nearly six years to complete this project from land acquisition to development completion, we are pleased with the quality of workmanship and design, location, and market demands for our 8th GEC® branded building,\" commented Toby Chu, Chairman, President and Chief Executive Officer of GEC Corp. \"The substantial demands caused this property to be nearly leased up five months before completion by GEC Corp.'s network of partner schools and direct bookings placed by individual students worldwide. As of today, there is limited vacancy available at this property. The GEC® King Edward project is a testament to our full...