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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