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Global Education Communities ( (TSE:GEC) ) just unveiled an announcement.
Global Education Communities Corp. announced that its GEC Langara project in Vancouver has received approval from the Urban Design Panel to increase its density significantly. This approval aligns with the Bill 47 Transit Oriented Area legislation, allowing the project to expand from 10 to 26 floors, potentially accommodating 650 occupants. The redesigned project is projected to generate over $13.5 million in annual rental revenue, a substantial increase from the original projection. The project will benefit from exemptions on certain taxes and levies, reducing development costs and allowing for a portion of the property to be allocated to below-market rental for students, enhancing operational efficiencies and addressing housing needs.
More about Global Education Communities
Since 1994, Global Education Communities Corp. (GECC) has been a prominent entity in the Canadian education and student housing sector, catering to both domestic and international markets. The company offers a wide array of services, including business and language colleges, student-focused rental apartments, and recruitment services for educational opportunities. GECC operates through subsidiaries like Sprott Shaw College, Vancouver International College, and CIBT School of Business & Technology, providing education to over 12,500 students annually. Additionally, GECC addresses student housing through Global Education City Holdings Inc., which manages a portfolio exceeding $1.3 billion in Metro Vancouver.
Average Trading Volume: 39,079
Technical Sentiment Signal: Sell
Current Market Cap: C$18.55M
For a thorough assessment of GEC stock, go to TipRanks’ Stock Analysis page.