Proment Corporation

Proment Corporation

September 06, 2007 15:20 ET

Home Buyers Flocking to Proment Eco-Condominiums on Nuns' Island

Construction start for Vistal Phase II moved up, green community planned for Pointe Nord

MONTREAL, QUEBEC--(Marketwire - Sept. 6, 2007) -

TO THE ATTENTION OF BUSINESS, HOUSING AND ENVIRONMENT REPORTERS

In response to the keen interest shown by buyers for the energy-efficient condominiums in the first tower of Le Vistal residential complex (vistalcondos.com), Proment Corporation, a leader in housing construction in Quebec, will move the start date for the second building ahead to October 2007 - five months earlier than originally planned. Sale of the 160 units of Phase II will also be moved up and will begin on September 9.

Construction of the first tower should be completed during fall 2008 and Proment Corporation expects to complete the second phase during summer 2009. The two buildings represent an investment of $160 million.

The developer is taking the necessary steps to have Vistal Phase I become the first Quebec residential tower certified under the Leadership in Energy and Environmental Design (LEED) Green Building Rating System.

Vistal green units attract buyers

Since the launch of the first phase in September 2006, and in spite of the slowing of the new co-ownership market in the Montreal area(i), Vistal condominiums have been quickly snapped up. After just a few weeks, almost half the 160 units had found buyers. Now, just 40 units remain unsold.

"Buyers have come to Vistal because it is a Proment Corporation project and our reputation for quality is well known," said Louis-Joseph Papineau, Proment's vice president for development and construction. "The riverside location, the spectacular views of the city, the superb sports centre are all key to our sales. We've also found the ecological aspect of the tower to be important to many consumers, and we're convinced this will be true of more and more buyers."

This trend confirms the findings of market studies conducted by Proment Corporation before entering the green construction field. Those studies showed that increasing numbers of potential homeowners are looking for ways to reduce their energy consumption and to live in a healthier environment.

(i) According to the Montreal housing market-RMR, SCHL, Spring 2007

"Buyers are more aware of the importance of cutting their CO2 emissions, which are a serious contributor to global warming," Papineau said. "In a building like Vistal, emissions are reduced by 40%. These days, the real estate market is highly competitive and buyers are more likely to invest in a project that meets LEED requirements."

The developer believes that LEED-certified buildings will become the standard in the years ahead. Just as buildings with a ceiling height of 2.45 meters (8 feet) command less than those with 2.75 meter (9 feet) ceilings, buildings with LEED certification will appreciate more in value.

Le Quartier sur le Fleuve: a green community on Pointe Nord

As a result of the Vistal success, Proment Corporation has decided to again apply the principles of sustainable development in its next large-scale residential project on Pointe Nord, Nuns' Island.

The developer has received confirmation that Le Quartier sur le Fleuve is now one of just 24 building projects (and one of just five in Quebec) to be part of the Canada Green Building Council's LEED-ND (Neighbourhood Development) pilot project. The certifying body hopes LEED-ND will become the construction standard for eco-friendly buildings and neighbourhoods.

"Quartier sur le Fleuve will be next to Campus Bell, which was also built using the LEED criteria," said Proment Corporation president Samuel Gewurz. "We're planning to build 1,800 residential units worth $600 million on the site."

The developer is currently assessing the needs of buyers as well as the potential of the site. The full project will be presented in the coming months.

About Proment Corporation

Founded in 1965, Proment Corporation (proment.com) is a real estate developer known for innovative residential projects that include Les Sommets sur le fleuve, Le Domaine de la Pointe, Les Verrieres sur le fleuve, Le Cours du fleuve, Val de l'Anse, Le Club Marin and Domaine de la Foret - all of which are located on Nuns' Island (Ile-des-Sours). Proment's innovative design and quality construction have been honoured on numerous occasions by the APCHQ (Quebec's home builders' association), the Quebec Order of Architects and Sauvons Montreal. Proment received four "Builder of the Year" awards in the past 20 years.

Contact Information

  • For more information or to schedule an interview:
    Allard Hervieu Communication
    Veronique Gabrysz
    514-499-3030, extension 3
    vg@ahcom.ca