We can anticipate seeing numerous new overseas student housing initiatives in Vancouver following the first one opened at Howe and also at Drake close to the downtown central. A business known as CIBT Education Group, as well as an international partner have bought the 17-storey Viva Suites luxury hotel at 1311 Howe St. with intentions to modernize it floor by floor and right away receiving international student tenants.
When doing a visit of the building, Chief executive officer Toby Chu stated the business has a few of these types of plans in a variety of stages of advancement and 9 more in the preparation process in Vancouver and also Richmond. Rental prices will vary from $900 to $2,500 monthly, based on the building, facilities and site.
With the international student inhabitants forecasted to develop along with accommodations vacancy rate of under 1 % within the Greater Vancouver area – and much less than 0.5 % in the downtown central – there exists a frantic requirement for such houses, said Chu, a Hong Kong local and local business owner.
Chu says that an insufficient reputable housing for foreign students is threatening Vancouver’s real estate status and its particular location as a center for this offshore customers.
According to details from 2011, about 100,000 international students live in the Great Vancouver region, adding over $1 billion in housing earnings and $5 billion in tuition income to the British Columbia economic system, based on a company media release.
Within the next 6 months, the Viva Suites is going to be remodeled to offer a lot more than 200 beds and will also be the first of its kind in Vancouver, symbolizing an overall total expenditure of $37 million which includes restorations.
Facilities include a physical fitness centre, a digital library, a TV living room and a free passenger bus to colleges near major Vancouver crossing points.
Additional services launched by the company may also be available, like airport pickup and passenger bus service, individual tutoring, day-to-day hot meal service, Saturday and Sunday cultural and social activities, IT assistance and educational counselling.
The structure offers magnificent sights of the North Shore mountain tops and also the False Creek marinas. It offers all the appurtenances of a luxurious hotel, which includes soaker bathtubs, marble floors and also marble countertops. It’s undoubtedly a big jump above the majority of practical student housing.
Due to the loss of some intercontinental business travel, accommodations like the Viva Suites are approaching the market at cheap pricing, adding companies are relying on cheaper strategies to transmission, such as teleconferencing.
The Viva transformation project is only the first in a serious plan by the organization to create one or two properties on steady stream per quarter, mainly to rent to international students but additionally to supply real estate for Canadian students and also technology companies setting up progress centers in Vancouver.
Established in 1994, the “education management” organization is on the Toronto Stock Exchange as well as in the U.S. on the OTCQX International. They have educational institutions in China, the Philippines and also the Middle East. It possesses the well-established Sprott Shaw College, that provides degrees and diplomas to 7,000 home-based and overseas students yearly.
Incorporated into its satellite companies is definitely the Global Education Alliance, which supplies overseas student recommendation and associated services to a lot more than 100 private and public educational facilities in Canada and also the U.S. The business is set to start a rental building at Cambie and 60th and it is eyeing real estate at Cambie and King Edward as the second possibility.
It’s also trying to open instruction center in north Richmond, along with a nine-storey office and faculty building, amenity buildings and other facilities. The business has a goal of delivering 5,000 beds on to the greater Vancouver market. Together with the government enhancing the foreign student allowance from 250,000 to 450,000 within 8 years, the need is only going to grow.