Canada-based GEC Oakridge Acquisition has completed a CA$30.3 million deal to acquire land in Vancouver where it plans to build a residence for up to 475 occupants.
The 18 storey GEC®Oakridge residential tower project will be located less than a 10-minutes from the Langara Community College and will have good access to downtown Vancouver via subway – an area with many education providers for international students.
“This new facility will be able to provide additional and much needed rental accommodation”
The development is expected to be completed by 2023, according to the company.
Parent company CIBT Education Group – which owns business and language colleges, student housing properties, recruitment centres and corporate offices at 45 locations in Canada and abroad – said it plans gain development approval within the year.
“Our goal is to obtain full rezoning and development approval within the year 2020 so that construction may start immediately thereafter,” Toby Chu, chairman, president and CEO of CIBT Group said in a statement.
“This new facility will be able to provide additional and much needed rental accommodation to nearly five hundred occupants.”
In total, the development budget for the GEC® Oakridge project is approximately $103 million, he added.
The coronavirus pandemic has led to homestay families bookings being cancelled in Canada, causing distress to families and students.
“Understandably, many homestay parents are cancelling reservations from students due to health concerns,” Chu added. “However, such action is causing further stress for students looking for a place to live when Metro Vancouver’s vacancy rate is at 1%.”
GEC® facilities are occupied, with some near full capacity, according to the company.
“We will continue to closely monitor the development of the epidemic and assess its impact on our operations, taking all reasonable steps to maintain a safe, clean and healthy environment for our students to study and live and our staff to work,” Chu noted.
Chu added that tuition revenue from CIBT schools – which include Vancouver International College, CIBT School of Business, Sprott Shaw Language College and Sprott Shaw College – will “likely be deferred but not cancelled” due to the COVID-19 pandemic.
