Vancouver, British Columbia — The properties will be part of an upcoming area that will concentrate on housing a growing number of international students in the city.
Vancouver, British Columbia — CIBT Education Group Inc., an education management company that owns and operates a network of business, technical and language colleges in North America and Asia, plans to acquire three properties in the greater Vancouver area that will be developed into student apartments for Canadian and international students studying in the city and surrounding areas.
This site will be part of Global Education City's (GEC) student housing component. Global Education City is an education super center planned for the Lower Mainland Vancouver area that is currently awaiting municipal approval. The site will be capable of handling approximately 350 students during the academic season from September to June, and up to 700 students during the summer camp season from July to August. The total development budget is $44 million when fully constructed and furnished.
"On January 15, the Canadian Government announced plans to increase the number of international students entering Canada from the current 250,000 to 450,000 students in eight years," says Toby Chu, president, chief executive officer and vice chairman of CIBT Education Group Inc. "This latest initiative will substantially increase the demand for student housing in Greater Vancouver, being one of the most popular international student destinations in the world."