HALIFAX, Sept. 19 /CNW/ - Killam Properties Inc. (TSX:KMP) is pleased to
announce that it will break ground shortly on a two million dollar expansion
and upgrade of its Birchlee Estates manufactured home community ("MHC") in
Halifax, Nova Scotia.
Killam will expand the community by developing 50 new sites to add to the
existing 176 site community. In addition to the 10 acre expansion, Killam has
received approval from the Nova Scotia Department of Environment to upgrade
its wastewater treatment plant, upgrade the water and sewer services for the
entire community, and extend the services to the new sites. There will also be
a new second entrance created for the community and a community playground.
The expansion is expected to be completed in the spring of 2009, with the
marketing and pre-selling of new homes to start this fall. Killam has
partnered with Prestige Homes, and will be offering a complete line of high
quality, two and three bedroom homes, with prices ranging from $80,000 to
$100,000 per home.
"We are excited about the expansion planned at Birchlee Estates" noted
Philip Fraser, Killam's President and Chief Executive Officer. "MHC expansion
and home sales are a new and growing part of our MHC business and offer
attractive internal growth prospects. This stable business complements our
core apartment business, which continues to show strength throughout our
portfolio. Occupancy levels have increased throughout the summer and at
September 15, 2008 stood at 98.1%, the strongest in Killam's six year history.
We believe the increase in leasing is due to our strong brand and the
underlying economic strength of our markets, especially Newfoundland and
Killam Properties Inc., based in Halifax, Nova Scotia, is one of Canada's
largest residential landlords, owning and operating multi-family apartments
and manufactured home communities.
Note: The Toronto Stock Exchange has neither approved nor disapproved of
the information contained herein. Certain statements in this report may
constitute forward-looking statements relating to our operations and the
environment in which we operate, which are based on our expectations,
estimates, forecast and projections, which we believe are reasonable as of the
current date. Such forward-looking statements involve risks, uncertainties and
other factors which may cause actual results, performance or achievements of
Killam to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. For more
exhaustive information on these risks and uncertainties, you should refer to
our most recently filed annual information form which is available at
www.sedar.com. Readers, therefore, should not place undue reliance on any such
forward-looking statements. Further, a forward-looking statement speaks only
as of the date on which such statement is made and should not be relied upon
as of any other date. Other than as required by law, Killam does not undertake
to update any of such forward-looking statements.
For further information:
For further information: Dale Noseworthy, Director, Investor & External
Relations, Killam Properties Inc., (902) 442-0388, Fax: (902) 455-4525,