Construction on a new $1.8-billion home-building project in Vancouver’s north-east has begun.
The building is being developed by the firm Cintra, which is a subsidiary of Chinese company Evergrande Group.
Cintre’s president, Jian Yang, said in a statement that the building will be located on land the company has been leasing for 20 years.
Construction of the house will take place over the next four years.
“The land lease in question has expired and we have now decided to develop the project on the current site,” he said.
Construction is expected to begin this summer.
The land is in the town of Nisga’a, about 20 kilometres west of Vancouver, and is just east of the town’s western boundary.
Cin-trada The construction is being done at a location that Cin Trada has been using for years.
Its headquarters in Nanaimo, B.C., is located in the same town.
A spokesperson for the company said the company is pleased to be able to help support the construction of a home for its employees.
“Nisga” is a traditional term in the Chinese language, referring to a house, and a “trada” is the same thing.
Construction on the house was part of a larger project that will be completed this year.
The company said it will invest $50 million in the project, and its employees will receive $200,000.
Construction for the new house is expected start this summer and be completed in 2021.
“Our staff are all in their late 20s, so they’re going to be getting a new home, which will be a lot nicer,” said Renato Cin, vice-president of Cintrada.
The firm said the new home will feature “an excellent interior with modern technology.”
Construction is due to be completed by 2021.