VANCOUVER, BC / ACCESSWIRE / August 12, 2024 / Global Education Communities Corp ("GECC" or the "Company") (TSX:GEC)(OTCQX International:GECSF) is pleased to report that the Company will take possession of GEC® Kingsway on August 9, 2024. Leasehold improvements will commence upon possession, with safety, cleanliness, convenience, and comfort features consistent with other GEC® branded properties throughout Metro Vancouver.
About GEC® Kingsway:
GEC® Kingsway is located at 4589 Gladstone Street (corner of Kingsway and Gladstone), Vancouver, B.C. The property received its conditional occupancy permit earlier this month and is expected to be fully operational under the GEC® brand by late August 2024. Students and tenants are expected to move in before the new academic season starts.
GEC® Kingsway is a six-storey building spanning nearly one city block, with over 78,000 SF of residential area. The facility will accommodate nearly 300 beds, with amenities including a fitness centre, student lounge, roof deck patio, and underground parking. Customary to all GEC® branded properties, GEC® Kingsway will be fully furnished with beds, sofas, dining room tables and chairs, kitchen utensils, bedding supplies, fibre optic internet, monitored surveillance, all utilities included, weekly housekeeping and resident caretakers. GEC® Kingsway offers several levels of long-term accommodations and pricing, ranging from affordable economy to premium units with an expansive view, fully furnished and air-conditioned.
GEC® Kingsway is on a main thoroughfare, approximately an 8-minute walk to the Nanaimo SkyTrain station and an approximate 10-minute ride to downtown Vancouver, where hundreds of public and private institutions are located. In addition, GEC® Kingsway is near the geographical centre of Vancouver, with easy access to Metrotown and BCIT in Burnaby, as well as Vancouver Community College on East Broadway. Public transit is conveniently located in front of GEC® Kingsway, with easy access to the Vancouver International Airport, the City of Richmond, and the University of British Columbia, which is located on Vancouver's west side.
"Since 2015, we have launched or announced 15 other GEC® branded buildings, eight of which comprising 1,200 beds are currently in operation, with plans for an additional 2,700 beds at six properties under development or construction. A GEC® branded hotel was sold in November 2023 for $70 million, setting the highest selling price per unit in Vancouver since 2017," said Toby Chu, Chairman, President and Chief Executive Officer of GECC. "Since the announcement of GEC® Kingsway, we have received many inquiries from our partner schools, and we have signed agreements with several of these schools to accommodate their students. The GEC® social media platforms, including Facebook, YouTube, Instagram, Twitter, and others, have received over 0.5 million views and over 5,000 inquiries since June 2024. We are excited to add GEC® Kingsway to our portfolio and increase the available beds to students on our waiting list for the 2025 academic year starting this September. We expect GEC® Kingsway to be fully booked shortly, with an annual projected revenue of approximately $5 million from this property."
GECC is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. GECC operates business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 40 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (established in 1903), Sprott Shaw Language College, Vancouver International College, and CIBT School of Business & Technology Corp. GECC offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, emergency paramedic, and language training through these schools. In fiscal 2023, GECC serviced over 14,277 domestic and international students through its educational, rental housing and recruitment subsidiaries.
GECC owns Global Education City Holdings Inc. ("GECH"), an investment holding and development company focused on education-related real estate, such as student-centric rental apartments and education super-centres. In fiscal 2023, GECH held ten projects comprising 15 buildings in different stages of development and operations under the GEC® brand in Metro Vancouver and provided accommodation services to 92 partner schools serving 3,200 students from 71 countries. The total portfolio and development budget under the GEC® brand exceeds $1.3 billion.
GECC also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.GEChq.com.
For more information, contact:
Toby Chu Chairman, President & CEO Global Education Communities Corp.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information (the "forward-looking statements") about GECC and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, the statement by when GEC® Kingsway is expected to be fully operational, that the final occupancy permit for GEC® Kingsway is expected to be issued before the new academic season starts, that GEC® Kingsway is expected to be fully booked shortly, and the statement as to the expected annual revenue from GEC® Kingsway. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, unexpected delays or requirements of the applicable municipalities, national and global economic factors and the other risk factors identified in the Company's management's discussion and analysis for the financial year ended August 31, 2023. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.
