Sovereign by Bosa Properties to Be Highest Tower Above Sea-Level of Any Tower in Lower Mainland, and Sells-Out on Opening Day

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2011) - Bosa Properties is proud to announce the arrival of Sovereign, a mixed residential/retail luxury tower situated in the vibrant Metrotown area of Burnaby. Standing tall at 500-feet, Sovereign will be higher above sea-level than any other high-rise in the lower mainland, and the 2^nd tallest building in BC.

Bosa Properties announced more than 600 people lined up to purchase the 202 unit development this past Saturday, selling out immediately. Sales at Sovereign surpassed the single day sales record in the Burnaby market, and surpassed Bosa Properties internal sales record. $98-million worth of real estate has now been spoken for.

According to Colin Bosa, CEO of Bosa Properties, "When we purchased this property five years ago, our vision was to create an iconic tower that would define the gateway to Metrotown and herald a new age of development for this area. With Sovereign, a new level of architectural design, a new level of luxury, and new tower heights have been achieved."

Sovereign is a master-planned project comprised of 90,000 square feet of prime retail space, a new 169-room international hotel, and 202 condominium residences. "One of the things that makes Sovereign so unique is the fact that the first floor of condominium homes begins on the 20^th floor, atop the hotel. And while many high-rise projects boast of good views, the views offered here are truly exceptional as a result of the fact that homes begin at 211-feet above the street," adds Daryl Simpson, Vice-President of Bosa Properties. "We were amazed at the hundreds of people who lined up in the hopes of owning a Sovereign home, and very much appreciate their loyalty and interest."

At a time when various lower mainland jurisdictions are debating the issue of taller tower heights and greater densities, the City of Burnaby has elected to embrace the concept, and has given development approval to Bosa Properties to proceed with the Sovereign project. "We have a long-standing and mutually respectful relationship with the staff and council at the City of Burnaby as a result of the thousands of homes we've built here over the years. And we've worked very closely with them to ensure that the needs of the City were met," comments Bosa.

According to Burnaby Mayor Derek Corrigan, "Bosa Properties have worked closely with the Burnaby City Council and staff to develop many innovative and attractive projects. With their new Sovereign project in Metrotown - Burnaby's tallest building to date - Bosa Properties is again helping to shape our growing City in a way that will benefit business, visitors and residents."

Construction of Sovereign is anticipated to commence this Spring, with completion estimated for Spring of 2014.

For more information on Bosa Properties, please visit www.bosaproperties.com.