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

Share   |      |    Comment   |    E-mail to friend   |    Bookmark & Share   

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.

Share   |      |    Comment   |    E-mail to friend   |    Bookmark & Share