GEC(R) Kingsway Student Housing Opens for Rental Registration

Rhea-AI Summary

Global Education Communities Corp. (GEC) has announced the opening of online registration for GEC® Kingsway, its 16th branded student rental building in Metro Vancouver. This new addition to the GEC® portfolio aims to provide safe, clean, convenient, and comfortable accommodation for students studying in the area. The launch of GEC® Kingsway registration marks a significant expansion of the company's student housing offerings, potentially increasing its market share in the competitive Metro Vancouver student accommodation sector.

Positive

• Expansion of student housing portfolio with the 16th GEC® branded rental building
• Potential increase in market share in the Metro Vancouver student accommodation sector
• Diversification of revenue streams through additional rental property

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 4, 2024 / Global Education Communities Corp. ("GECC" or the "Company") (TSX:GEC)(OTCQX International:GECSF) is pleased to announce that online registration is now open for GEC^® Kingsway, the 16^th GEC® branded student rental building. GEC® properties provide safe, clean, convenient, and comfortable accommodation to students coming to study in Metro Vancouver.

About GEC^® Kingsway:

GEC^® Kingsway is located at 4589 Gladstone Street (corner of Kingsway and Gladstone), Vancouver, B.C. GEC^® Kingsway 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 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 and Vancouver Community College on East Broadway. Public transit is conveniently located in front of the property, 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.

"Metro Vancouver's rental vacancy rate is at a record low of 0.9%, according to CMHC's February 2024 rental report. The situation is causing tremendous stress to local residents and on out-of-town students, both domestic and international, coming to study in Vancouver," commented Toby Chu, President, Chairman and Chief Executive Officer of GECC. "We are pleased to offer our rental alternatives to students compared to conventional condo and basement rentals or homestay families. Our properties are well structured, with strictly enforced housing policies, and various levels of affordable rental rates. GEC® Kingsway has air conditioning throughout the property, weekly maintenance to ensure cleanliness, an onsite caretaker, and over sixty surveillance cameras mounted in all public areas. All GEC® properties are fully furnished with fibre optic internet. Our fully furnished suites allow students to move in and out without the stress of securing furniture and then disposing of it after completing their education."

Photographs of GEC^® Kingsway are available via this link: https://gechq.com/gallery/gec-kingsway/

About GECC:

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 as to the capacity of GEC® Kingsway when operational. 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 City of Vancouver 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.

SOURCE: Global Education Communities Corp

View the original press release on accesswire.com

FAQ

When did GEC® Kingsway open for rental registration?

GEC® Kingsway opened for online rental registration on September 4, 2024, as announced by Global Education Communities Corp. (GECSF).

How many GEC® branded student rental buildings are there now?

With the addition of GEC® Kingsway, there are now 16 GEC® branded student rental buildings in the Metro Vancouver area.

What features does GEC® Kingsway offer to students?

GEC® Kingsway, like other GEC® properties, offers safe, clean, convenient, and comfortable accommodation for students studying in Metro Vancouver.

Where are GEC® (GECSF) student housing properties located?

GEC® student housing properties are located in Metro Vancouver, catering to students studying in the area.