| Malaysia’s top developer Sunway City Berhad (SunCity) has teamed up with Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd (SSTEC) to develop a project in Tianjin Eco-city with a gross development value of 5 billion yuan.
Both parties signed a memorandum of understanding (MOU) on Tuesday to conduct a six-month market research, feasibility study and proposed business plan, SSTEC announced.
According to the agreement, SunCity will develop an integrated community on the 40-hectare land with 88% used for residential property and 12% for commercial use.
SSTEC said the land, based on the preliminary plan, will be developed in three phases starting in 2011. When completed, the entire development is estimated to be home to about 4,753 households. All buildings will be built using green technology and materials, the company said. “SunCity is excited over its participation in the SSTEC project because its expansion into overseas markets provides opportunities for new revenue sources and allows the company to achieve sustainable growth,” Sunway Group’s Founder and Chairman Tan Sri Dato’ Seri Dr Jeffrey Cheah said.
SSTEC Chief Executive Officer Goh Chye Boon said SSTEC had approached SunCity some time ago on the potential joint-venture and he considers the cooperation “a natural decision” as the latter is an international class developer with established track records in environmentally friendly development.
SSTEC, the master developer of Tianjin Eco-city, has been seeking partnership with Asia’s top developers. Current developers working on the Eco-city include Japan’s Mitsui Fudosan, Singapore’s Keppel Land, Chinese mainland’s Shimao Group and Taiwan’s Farglory Group.
The Tianjin Eco-city is China's first eco-city and a landmark project between the Chinese and Singaporean governments. The 30 square-kilometer eco-city is envisioned to create a harmonious and sustainable township where 350,000 residents can live, work and play and can be replicated in urbanizing China’ other places, according to SSTEC.
By Guo Changdong |
