CALGARY, March 4 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "Corporation") (TSX:GDC) has engaged the independent real estate services firm Cushman Wakefield Ltd. to appraise Genesis's entire land development portfolio. Genesis expects the appraisal to provide an independent assessment of the "net asset value" of the Corporation's land portfolio. Genesis expects to receive and release the results of the appraisal within the next 30 days.
Genesis is also pleased to announce that for the two (2) months ended February 28, 2010, Genesis has either closed or has contractual sales in place totalling approximately $100 million as follows:
Lot Sales: $17 million
New Home Sales: $48 million
Land Sales: $35 million
Type of Sale Number of Lots Approximate Value
------------------------------------ -------------- ------------------
Sales are subject to completion of
servicing expected in 2010. 75 $14 million
Scheduled to close in 2010. 18 $3 million
93 $17 million
New Homes Sales:
For the two (2) months ended February 28, 2010, Genesis has sold 103 homes for approximately $48 million which have either closed or are under contract and in various stages of construction or design and scheduled to close during 2010. Of these home sales, 10 homes are in the communities of Saddlestone and Sage Meadows for which home construction will not commence until servicing of lots is completed which is expected to occur in 2010.
As previously announced (see Genesis press release dated December 9, 2009 for details), Genesis has finalized a sale agreement for +/-147 acres of fully approved lands in North West Calgary for $35 million.
Genesis Land Development Corp. is a Calgary based land development company with an estimated inventory of more than 28,000 future residential building sites (single-family and multi-family) and over 1,000 acres of commercial/industrial lands in Western Canada, of which more than an estimated 14,000 residential lots and over 530 acres of commercial/industrial lands are in the Calgary and Edmonton metropolitan areas.
Cautionary Statement Regarding Forward-Looking Information
This press release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including the estimated completion date of the servicing for the 75 conditional lot sales; the estimate of completion and closing of the new home sales; the anticipated closing date for the $35 million land sale; the number of dwelling sites that Genesis will actually develop and sell. Although Genesis believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to Genesis. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking statements. As such, readers are cautioned not to place undue reliance on the forward looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Genesis does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement."
SOURCE Genesis Land Development Corp.
For further information: For further information: Gobi Singh, C.E.O., Genesis Land Development Corp., Tel: (403) 265-8079, Toll Free: 1-800-341-7211, Fax: (403) 266-0746, E-Mail: email@example.com, Internet: www.genesisland.com