| Malaysia鈥檚 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. 鈥淪unCity 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,鈥� Sunway Group鈥檚 Founder and Chairman Tan Sri Dato鈥� 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 鈥渁 natural decision鈥� 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鈥檚 top developers. Current developers working on the Eco-city include Japan鈥檚 Mitsui Fudosan, Singapore鈥檚 Keppel Land, Chinese mainland鈥檚 Shimao Group and Taiwan鈥檚 Farglory Group.
The Tianjin Eco-city is 皇冠体育app'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 皇冠体育app鈥� other places, according to SSTEC.
By Guo Changdong |
