CALGARY, Dec. 5, 2017 /CNW/ - Genesis Land Development Corp. ("Genesis") (TSX: GDC), is pleased to announce that it has entered into an agreement with a third party builder for the sale of lands in the community of Sage Meadows, located in north west Calgary, Alberta (the "Lands"). The Lands are a part of Phase 3 of the Genesis Sage Meadows development and will consist of two sites of 8.18 acres and 1.4 acres, which are zoned for multi-family and commercial development respectively.
The aggregate sale price of the Lands is $10,497,700 and requires Genesis to subdivide the Lands prior to closing. The transaction is expected to close on the date that is thirty (30) days after registration of the subdivision plan, anticipated to occur on or about the second quarter of 2018. The purchaser has paid a deposit and will pay the full sale price on closing.
Genesis Land Development Corp. is a land developer and residential home builder in the Calgary Metropolitan Area. The Corporation's common shares are listed on the Toronto Stock Exchange (TSX: GDC).
SOURCE Genesis Land Development Corp.
For further information: Stephen J. Griggs, Chief Executive Officer; Wayne King, Chief Financial Officer; 7315 - 8 Street NE, Calgary, AB, T2E 8A2, 403-266-0746, [email protected], www.genesisland.com