UIG breaks ground on two new residential development projects; 162 units in Pickering, ON and 242 units in Oakville, ON
TORONTO, ON, OCTOBER 21, 2024 – Urban Infrastructure Group Inc. (TSXV: UIG), a leading stage-one concrete and drainage infrastructure construction group, specializing in large scale new residential housing developments, announces that crews have been deployed and work has begun on two new residential housing projects totaling 400+ units across the Greater Toronto Area (GTA).
The Company has broken ground on its newest residential development project located in Pickering, Ontario, where it will begin foundation concrete pouring (basement, garages and porches) and sewer utility pipe service installation on approximately 162 new residential units. Additionally, Urban reports it has also started work on a second new large-scale, multi-phase, multi-year residential development in Oakville, Ontario totalling 242 new units.
UIG has completed 500+ new unit builds in Fiscal 2024. Its current Bid Pipeline sits at $31M+ (2,800+ units) and the Contracted Pipeline currently sits at $8M (650+ units). Urban defines Bid Pipeline as all tenders or RFP’s that Urban has been invited to bid on and for which the Company has submitted a bid. Contracted Pipeline is defined as the subset of the Bid Pipeline that has been confirmed as awarded by the customer to Urban.
Ungad Chadda, CEO of UIG stated, “Canada’s spring housing market missed the memo in 2024, as new residential housing starts continued its sluggish pace. After a summer of subdued developer new project starts, UIG is seeing activity picking up. Forecasts of ‘supersized’ Bank of Canada rate cuts by year end should stimulate developers to move forward with their development projects and UIG remains well positioned to capitalize as the market improves.”
About Urban Infrastructure Group
Urban Infrastructure Group Inc. (TSXV: UIG) is a leading concrete and drainage infrastructure construction group engaged in the earliest stage of the construction process – known as Stage One. Urban Infrastructure Group specializes in large-scale, master-planned residential communities, with partners and customers behind some of Ontario’s most significant residential development projects.
Connect with UIG: https://urbaninfrastructuregroup.com/
Contact:
Bill Mitoulas
Investor Relations
T: +1.416.479.9547
E: [email protected]
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