Canada NewsWire
CALGARY, Dec. 5, 2017
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 $11,127,700 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.
About Genesis
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.
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