International Development Group Selects Alberta for Real Estate Opportunity
International real estate conglomerate CIDIC, has entered into a joint development agreement with MDA Capital Corporation to jointly develop multi family residential buildings investing over C$165Million.
Edmonton, Alberta, Canada, September 12, 2014 (Newswire.com) - A Hong Kong based investment and financial company, China International Development and Investment Corporation Limited, has entered into a joint development agreement with Alberta’s MDA Capital Corporation for multi-family residential and condominium development with an approximate total built area of 1.1 million square feet mainly in growing cities surrounding Edmonton such as Spruce Grove, with total estimated construction cost of over C$165M.
CIDIC’s President, Mr. Oswald Wong, expressed the development will showcase the foremost in Chinese construction within Canada and to strengthen the bilateral friendship. Alberta is the place to be, with the strongest economy in the country.
“We are excited to be working alongside with our Canadian partners and look forward to deploy resources in this dynamic Alberta market,” said Alan Zheng, CIDIC North America CEO who has visited the community and feels the “energetic vibe” of a growing and bustling neighbourhood surrounding the site. Alan is very instrumental in assembling the parties in this Joint Venture.
MDA Capital’s President, Marty Gunderson, commented that “This development is exciting as it acts as a platform for Canadian engineers to work together with the Chinese engineers, and also provides the local engineers an opportunity to expand their reach in China. I believe it is a win-win scenario for both parties as we create job opportunities for local trades.”
CIDIC and MDA have already awarded the development contract to a prequalified Chinese class ‘A’ EPC contractor with the aim to create local employment opportunities, working hand in hand with local engineers and trades.
Further announcements will be made in the future.