Arizona Tribune - GECC Announces Urban Design Panel Approval for the GEC Langara Project with Increased Density

GECC acquired the property in December 2023^*1 with an existing development permit for a ten-storey market rental building. The UDP approval aligns with the Bill 47 Transit Oriented Area ("TOA") legislation, enabling greater density near transit hubs. Consequently, GEC® Langara's revised floor plan will, subject to receipt of City Council and Planning Department approvals, accommodate an estimated 650 occupants, a substantial increase in capacity of 171%.

"We are very pleased with the government's support for higher density zoning under the TOA legislation," said Toby Chu, Chairman, President and CEO of GECC. "This decision transforms the project's outlook. Our original projected annual rental revenue was approximately $3.5 million; with the planned redesign, if City Council and Planning Department approvals are received, it is now projected to exceed $13.5 million. In addition to the increased income from higher density, this property will be exempt from the Goods and Services Tax (GST) and certain development levies, thus reducing the capital cost to develop this property. The enhanced economies of scale will reduce average costs and improve operational efficiencies, which is crucial in today's economic environment. Importantly, the improved proforma allows GECC to allocate a portion of the property to much-needed, below-market rental to students pursuing their college education."

About GECC:

Since 1994, GECC has established itself as a leading player in the Canadian education and student housing sector, serving both domestic and international markets. GECC offers a comprehensive range of services, encompassing business and language colleges, student-centric rental apartments, recruitment services for educational opportunities, and a network of campuses and offices across 40 locations.

Through its subsidiaries, GECC provides a holistic educational experience for over 12,500 students annually. These subsidiaries include established institutions like Sprott Shaw College (founded in 1903), Sprott Shaw Language College, Vancouver International College, and CIBT School of Business & Technology. These subsidiaries offer programs covering healthcare, business, and technology.

GECC also addresses student housing needs through its subsidiary, Global Education City Holdings Inc. ("GECH"). GECH focuses on developing and managing student-centric rental apartments and education super-centres in Metro Vancouver, boasting a portfolio exceeding $1.3 billion, including operational properties and projects under development.

GECC also owns Global Education Alliance Inc. ("GEA"), a subsidiary that specializes in placing students in elite North American schools and universities, and Irix Design, a leading design and media communication company based in Vancouver, Canada.

Visit GECC online at www.GEChq.com or www.GECliving.com to explore our services and watch our corporate video.

Toby Chu
Chairman, President & CEO
Global Education Communities Corp.

Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: [email protected]

FORWARD-LOOKING STATEMENTS

Some statements in this news release contain forward-looking information (the "forward-looking statements") about the Company and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, that annual rental revenues from the redesigned GEC® Langara project are projected to exceed $13.5 million. Forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause GECC's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, that the current project redesign does not receive Vancouver Council and Planning Department approvals, customary risks of the construction industry, economic factors and monetary policy, the performance by third parties of their commitments, and the risk factors identified in the MD&A forming part of the 2025 Q2management's discussion and analysis. Forward-looking statements are based on the beliefs, opinions and expectations of GECC'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.

SOURCE: Global Education Communities Corp

View the original press release on ACCESS Newswire

N.Mitchell--AT