SSTEC partners Shimao in Tianjin Eco-City project

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SINO-SINGAPORE Tianjin Eco-City Investment and Development Co Ltd (SSTEC) and Shimao Property Holdings Ltd (Shimao), one of China's largest foreign-funded developers, will collaborate on the largest integrated development in the Tianjin Eco-City to date, Keppel Corp announced yesterday.

Located in the Yong Ding Zhou Area south of the Eco-City's four sq km start-up area, the development will comprise about 100 ha of residential and commercial land, and 80 ha of public park space.

Expected to be completed around 2014, the entire development is estimated to be home to about 10,000 households and cost 10 billion yuan (S$2.1 billion).

Shimao Property is part of the Shimao Group, focusing on property development in China and listed on the Stock Exchange of Hong Kong.

SSTEC, the master developer for the Tianjin Eco-City, is a 50/50 joint venture between the Chinese consortium led by Tianjin TEDA Investment Holding Co Ltd and the Singapore consortium led by the Keppel Group.

The new Yong Ding Zhou Eco Cultural Theme Park will serve as the eco-tourism hub of the Tianjin Eco-City, Keppel said.

'This collaboration marks the first in a series of partnerships with top regional developers that SSTEC will establish in 2009 and the start of realising our eco-vision into reality for Chinese residents over the next two to three years,' said Goh Chye Boon, CEO of SSTEC.

He added that he is confident that the Tianjin Eco-City will continue to attract international players.

The Tianjin Eco-City is a landmark bilateral project between China and Singapore with private-sector investment and development.

Located in the Tianjin Binhai New Area (40 km away from Tianjin city centre), the 30 sq km Tianjin Eco-City is envisioned to be a modern township for 350,000 residents.

When completed, the four sq km start-up area will be home to 26,500 households, with the first batch of residents expected to move in around 2011.

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