“It also allows the majority of students to take an elevator to class”
With an estimated budget of CAN$350 million, CIBT will develop the project to house up to 600 international students, while also building a string of other students residences including hotels.
“Our goal is to provide a one-stop solution to international students studying in Greater Vancouver by offering a safe, secure, and convenient environment to study, relax, and enjoy their stay in Canada,” said Toby Chu, CEO of CIBT, which owns subsidiary brands such as Sprott-Shaw International College in Canada and CIBT Beihai International College in China.
The combined effect of the government seeking to increase the number of inbound international students by 50% in the next four years – and rental rates for Vancouver condominiums increasing by over 14% in the past 5 years – is growing demand for affordable housing.
Foreign students generate an estimated CAN$1 billion in housing revenue every year, an average of CAN$10,000 per student.
“We believe that GEC’s hotel accommodation for students will be the solution to this major challenge,” said a CIBT Group spokesperson. “It also allows the majority of students to take an elevator to class, saving them additional costs for transportation.”
Alongside attracting private and public institutions to set up campuses, the super centre is aiming to draw post-secondary schools from around the world to set up representative offices or campuses in the new GEC.
Up to 30% of office space will be allotted to professional services including immigration lawyers, accountants and educational consultants, who bought in CAN$26 million in tuition fees to CIBT’s schools.
The planned GEC is still subject to completion of the re-zoning application process and obtaining other relevant municipal approvals.
The super centre is aiming to draw post- secondary schools from around the world to set up representative offices
“The Global Education City is designed to enhance and complement the objective of global education expansion by the Canadian education industry,” Chu added.
CIBT operates a network of business, technical and language colleges in North America and Asia, enrolling around 5,000 students every year.