KUALA LUMPUR: SUNWAY CITY BHD [
registerQuotes("SUNCITY", "SUNCITY_span");
] (SunCity) is collaborating with Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd. (SSTEC) to undertake a "lifestyle of health and sustainability" development project in Tianjin Binhai new area in China.
SunCity said on Friday, April 30 the project Tianjin Eco-City and China, consist of more than 40 hectares with a total residential gross floor area of 607,320 sq metres and a total commercial gross floor area of 99,078 sq metres.
Both parties had entered into a collaboration agreement on Friday to set out the terms of the collaboration regarding the development.
The project will be developed in three stages over five years, with it expected to start the earliest in March 2011 and expected completion in mid 2015.
"The collaboration agreement also detailed out the various stages of the land injection, which is conditional upon SSTEC obtaining the approval from the relevant authorities in China," it said.
SSTEC was incorporated in China and it is the master developer for the Tianjin Eco-City. It 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.
SunCity said the overseas market provides possible new revenue source to SunCity. China has been identified for the group's regional expansion due to its huge population and high economic growth.
The Sino-Singapore Tianjin Eco-City is about 40 km away from the city centre of Tianjin and 150 km from Beijing.
"Over the next two decades, this 30-square kilometre piece of land will be transformed into an urban city with ample room for large-scale adoption of eco-solutions and 110,000 homes for about 350,000 population," it said.
Sino-Singapore Tianjin Eco-City sits well with SunCity's philosophy of building sustainable and environmental friendly city for the future generation. Its concept of developing green building and promotes sustainable lifestyle attracts potential house buyers who desire to improve their housing conditions.
