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SINO-Singapore Tianjin Eco-City Investment and Development (SSTEC) inked a memorandum of understanding with Mitsui Fudosan, Japan's largest developer, to build a 40-ha eco-neighbourhood in the Tianjin Eco-City.
This brings the landmark bilateral project between China and Singapore to new heights, as the collaboration is expected to supplement two earlier efforts to create a total of more than 24,000 homes in the Eco-City.
The highlight of SSTEC's three billion yuan (S$640.7 million) deal with Mitsui Fudosan will be an exclusive high-end residential development at the only riverfront land plot in the start-up area of the Tianjin Eco-City.
Estimated to be completed around 2013, it will further connect three adjacent plots from the eco-valley to the riverfront to create seamless connectivity for residents from differing neighbourhoods.
Besides this, SSTEC will also join hands with Mitsui Fudosan to pioneer a green public housing model for the Eco-City. More than one-fifth of the total homes in the Tianjin Eco-City will be dedicated to green housing, with hopes of applying the model later to other Chinese cities.
SSTEC chief executive Goh Chye Boon views the alliance with Mitsui Fudosan as a significant step forward.
'We are delighted to bring on board world-class developers whose participation signals the market's confidence in the Tianjin Eco-City. More importantly, this will introduce top-notch expertise and innovative ideas into the project,' said Mr Goh.
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