GECC Provides Updates on its Corporate Activities

VANCOUVER, BC / ACCESSWIRE / June 17, 2024 / Global Education Communities Corp. ("GECC") has shared recent updates on its projects and financial activities. The trial concerning GECC's investments in the Atmosphere project concluded on May 31, 2024. A court decision is expected soon.

Construction for GEC® Oakridge is slated to begin in the fourth quarter of 2024. Additionally, a $120M CMHC loan application was submitted in May, with results anticipated in the coming weeks, coinciding with a decline in interest rates and bond rates in Canada.

Efforts have also been made to double the rezoning height for GEC® Langara, aiming for higher density and fewer parking requirements. The federal GST exemption on rental project developments announced in September 2023 should significantly reduce development costs.

GEC® EMC’s development plan revision, aiming to convert 168 condominiums into rental units, is nearing completion for submission to the City of Surrey. GECC expects to enter the construction financing phase for this project in 2024. GEC® Kingsway and GEC® Viva are both on track for occupancy and renovations completion by September.

Most of GECC's operating properties are nearly at full capacity.