Genesis announces sale of commercial land

    TSX Stock Symbol: GDC

    CALGARY, Nov. 6 /CNW/ - Genesis Land Development Corp. ("Genesis") has
signed a purchase and sale agreement for the sale of commercial land to a
large anchor store at its Sage Hill Crossing shopping center site for over
$22 million. The agreement is anticipated to close on or before July 31, 2008
subject to typical closing conditions. Off-site and site works have
significantly progressed on Phase 1 of Sage Hill Crossing with the anchor
store projecting to open early in 2009.
    Negotiations are currently underway to sell another commercial site
comprising of approximately 14 acres to a second anchor store after which
Genesis expects to retain and lease out the remainder of the commercial
    Mr. Gobi Singh, President and Chief Executive Officer of Genesis, had the
following comment, "Genesis is extremely pleased to have a retail leader
anchor our Sage Hill Crossing shopping center. This agreement, and the
continued interest from other large retailers to get a position in this
shopping center, further reinforces our belief that Sage Hill Crossing is one
of the best located regional shopping centers within Calgary. Overall retail
vacancy rates in Calgary are currently at approximately 1.3%, the lowest ever
recorded with retail sales for both 2007 and 2008 forecast to grow by over 9%.
With this agreement signed, Genesis can now concentrate on finalizing
agreements with other retailers from a long list of interested parties. Sage
Hill Crossing is a sizable project, where Genesis has been successful in
creating an attractive and unique combination of retail with high density
housing and office space. We are excited to have made such progress with our
commercial division while our housing and land divisions continue to produce
strong results."

    Genesis Land Development Corp. is a Calgary based, vertically integrated
land development company with an inventory of more than 25,000 future
residential building sites (single-family and multi-family) and over 300 acres
of commercial/industrial lands in Western Canada, of which more than
18,000 residential building sites and over 300 acres of commercial/industrial
lands are located in the Calgary metropolitan area. For more information on
Sage Hill Crossing visit

    Certain statements in this news release could constitute forward-looking
statements. The Corporation's line of business involves risk, uncertainties
and other factors which may cause actual results, performance or achievements
of Genesis to be materially different from any future results, performance or
achievements expressed or implied by such forward looking statements. Such
factors include the number of dwelling sites that Genesis will actually
develop and sell.

For further information:

For further information: Frank Devcich, C.F.O., Genesis Land Development
Corp., Toll Free: (403) 265-8079, 1-800-341-7211, Fax: (403) 266-0746, E-Mail:, Internet:

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