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Gruv Development Project Occupancy Permit goes to Axion

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Oct 1 2009

Ableauctions.com Inc. (AMEX:AAC) (the “Company”) announced today that its wholly-owned subsidiary, Axion Investment Corporation (“Axion”), has received a conditional Occupancy Permit from the City of Surrey for its Gruv Development project located at 9655 King George Highway, Surrey, British Columbia.

The conditional Occupancy Permit will allow Axion to begin closing on its 111 presale purchase contracts with each of its homebuyers. Homeowner inspections are currently underway with all the closing expected to be finalized within the next 60 days.

The Gruv Development project began on August 3, 2005 when the Company first purchased the 1.46 acre parcel of land in Surrey, British Columbia with the plan of developing a 91,132 sq ft residential complex consisting of 111 condominiums. On March 16, 2007, the Company filed a disclosure statement with the Superintendent of Real Estate under the Real Estate Development Marketing Act of British Columbia to pre-sell the units and by May 9, 2007, 100% of the units had been pre-sold.

Source: https://www.ableauctions.ca/

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