Global Education Communities Corp. Provides Update on GEC Viva
Global Education Communities Corp. (GECSF) has announced significant progress in renovating its GEC® Viva student residence in downtown Vancouver.
The renovation, which began earlier this year, includes updates to furniture, fixtures, appliances, flooring, wall paint, kitchen counters, and air-conditioning systems across floors 2 to 17.
Feedback from students has driven these enhancements, ensuring a more comfortable living experience. Two floors have been completed and are fully occupied as of May 31, 2024, with the entire project set for completion by this summer. The total renovation budget exceeds $7 million.
- Renovation of GEC® Viva is well underway, showcasing progress in business development.
- Completed two floors are already fully occupied, indicating strong demand.
- The total renovation budget exceeds $7 million, reflecting substantial investment in enhancing facilities.
- Student feedback has been incorporated into renovations, potentially improving student satisfaction and retention.
- Completion of the renovation is scheduled for this summer, ensuring timely enhancement of the facility.
- High renovation budget exceeding $7 million could impact short-term financials.
- Potential operational disruptions during ongoing renovations might affect current residents.
- No mention of increased revenue projections post-renovation, leaving potential financial benefits uncertain.
VANCOUVER, BC / ACCESSWIRE / June 4, 2024 / Global Education Communities Corp. ("GECC" or the "Company") (TSX:GEC)(OTCQX International:GECSF) is pleased to announce that the renovation of GEC® Viva is well underway. GEC® Viva is our first student residence in downtown Vancouver, which opened in 2015. GEC® Viva is a 17-storey hi-rise building with 220 beds and has hosted nearly 10,000 students from around the world since its opening. To further enhance the living experience for our students, a comprehensive renovation started early this year, which included retrofitting the 2nd to 17th floor with new furniture, fixtures, appliances, flooring, wall paint, kitchen counter replacement, and air-conditioning equipment.
The renovation was customized based on student feedback to ensure a comfortable living experience. The new furniture, designed by the GEC® team, is visually appealing and functional but also better meets the needs of students. As of May 31, 2024, the renovation of two floors was completed and fully occupied the following day. GEC® Viva will continue to roll out completed units over the summer. These units are fully booked and will be quickly filled as soon as their renovation is completed.
The full renovation will be completed by this summer, transforming this GEC® Generation 1 facility into Generation 5 operations. We are committed to providing students with a high-quality, comfortable, and convenient living environment. The total renovation budget exceeds
About GEC® Viva:
GEC® Viva is located in the heart of downtown Vancouver, surrounded by various international cuisine, shopping and entertainment options. Students are within minutes of walking to Vancouver's famous English Bay and the many academic institutions located in downtown Vancouver, such as the downtown campuses of UBC, SFU, BCIT, Vancouver Film School, University Canada West and Sprott Shaw College. GEC® Viva is a 51,400-square-foot facility with 220 beds. It features amenities such as a fitness centre, student lounge, rooftop terrace, underground parking, barbershop and car rental services.
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 operated 15 properties 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
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 expected timing of completion of the GEC® Viva renovations. 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, national and global economic factors 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
What is the latest update on GEC® Viva renovation as of June 4, 2024?
How much is the renovation budget for GEC® Viva?
What renovations are being made to GEC® Viva?
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When will the GEC® Viva renovation be completed?
