GECC Announces Urban Design Panel Approval for the GEC Langara Project with Increased Density

VANCOUVER, BC / ACCESS Newswire / June 16, 2025 / Global Education Communities Corp. ("GECC" or the "Company") (TSX:GEC)(OTCQB:GECSF) is pleased to report that its latest flagship project, GEC Langara, has received approval from the City of Vancouver Urban Design Panel ("UDP"), an independent advisory board consisting of design professionals. Located at the prime corner of Cambie Street and West 49th Avenue, adjacent to the Langara-49th Avenue SkyTrain station, this approval allows the GEC Langara project to progress towards Vancouver Council and Planning Department approvals to increase its density significantly. With the UDP support, the project may, subject to receipt of City Council and Planning Department approvals, expand from the originally planned 10 to 26 floors, boosting the maximum buildable area from 63,204 square feet to 163,572 square feet-an increase of 159%. The parking requirement has also been reduced.

GECC acquired the property in December 2023^*1 with an existing development permit for a ten-storey market rental building. The UDP approval aligns with the Bill 47 Transit Oriented Area ("TOA") legislation, enabling greater density near transit hubs. Consequently, GEC Langara's revised floor plan will, subject to receipt of City Council and Planning Department approvals, accommodate an estimated 650 occupants, a substantial increase in capacity of 171%.

"We are very pleased with the government's support for higher density zoning under the TOA legislation," said Toby Chu, Chairman, President and CEO of GECC. "This decision transforms the project's outlook. Our original projected annual rental revenue was approximately $3.5 million; with the planned redesign, if City Council and Planning Department approvals are received, it is now projected to exceed $13.5 million. In addition to the increased income from higher density, this property will be exempt from the Goods and Services Tax (GST) and certain development levies, thus reducing the capital cost to develop this property. The enhanced economies of scale will reduce average costs and improve operational efficiencies, which is crucial in today's economic environment. Importantly, the improved proforma allows GECC to allocate a portion of the property to much-needed, below-market rental to students pursuing their college education."