Tianjin Eco-City in tie-up to develop $2b project

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SINO-SINGAPORE Tianjin Eco-City Investment and Development Company (SSTEC) yesterday inked a deal with China's Shimao Property Holdings to develop a 10 billion yuan (S$2.1 billion) integrated project.

Located in the Yong Ding Zhou Area, south of Tianjin Eco-City's Start-Up Area, the latest development will comprise about 100ha of residential and commercial land, and 80ha of public park space.

SSTEC - a joint venture between Keppel Corporation and a Chinese consortium - said in a statement yesterday that it expects the development to be completed some time in 2014.

Once completed, it is expected to be home to some 10,000 households in Tianjin Eco-City.

SSTEC chief executive Goh Chye Boon said he was confident the collaboration with Shimao would mean that the city continues to attract international players.

'We are delighted to work with Shimao - an internationally renowned developer - and are confident that its experience and expertise in luxury residential developments, plus quality commercial and hotel developments, will shape this into a world-class development.'

The collaboration marks the first in a series of partnerships that SSTEC is looking to establish this year as the firm seeks to turn its eco-vision into reality for Chinese residents over the next two to three years, added Mr Goh.

Mr Jason Hui, vice-president of Shimao, one of the largest foreign-funded property developers in China, said Tianjin Eco-City had great potential for growth.

'Sustainable development is the inevitable way forward for the city's future development...We are confident that with strong support from Eco-City and various segments of the community, this development will be a model showcasing how eco-developments can integrate all elements of residential living.'

SSTEC is the master developer for Tianjin Eco-City, the biggest collaboration between Singapore and China since the Suzhou Industrial Park in 1994.

Developed on 30 sq km of land, the project aims to act as a practical model of sustainable development.

The project will comprise about 100ha of residential and commercial land, and 80ha of public park space. It is expected to be completed in 2014.

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