PCI Development’s King George Hub project has officially sold out both residential towers within Phase B of the project. The 40-storey tower first went to market in October, quickly selling out, followed by the 29-storey tower in November. Phase B will also include a 15-storey office tower, 2-storey stand-alone restaurant, as well as over 100,000 sq.ft. of retail space integrated with a plaza.
According to the King George Hub Sales Team, over 12,000 people registered as interested purchasers for the 738 units. Given this unprecedented demand for a condo project in Surrey City Centre, units were allocated through a lottery system. Of those units sold:
- 697 were purchased by local residents
- 1 in 4 were first-time home buyers
- 65% of buyers currently live within 20km
- 30% of buyers currently live in Vancouver
With the success of King George Hub selling out so quickly, PCI developments has indicated that they are now moving forward with plans for Phase C of the project, which should include 1 additional residential tower to the east of the existing Coast Capital Savings headquarters. A future Phase D is set to follow that with space for up to 3 more towers, however detailed plans for both sites have yet to be finalized or released.
With sales now complete, and final approval in place, it is expected that Phase B of King George Hub will begin construction by Spring 2018. This should be joined by Concord Pacific’s 42-storey Park Boulevard project just north of King George Station around the same time, making for 4 new towers starting construction within the area immediately surrounding King George Station. For more on King George Hub: