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3 billion CNY deal for eco-city
Published on: 2009-07-14
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THE firm behind the Tianjin eco-city in China clinched a three billion yuan (S$644 million) deal yesterday, with a Japanese company, to build a 40ha integrated riverfront neighbourhood.

It is the latest in a string of property deals for the city, a 30 sq km demonstration project driven by the Singapore and Chinese governments.

The Sino-Singapore Tianjin Eco-City Investment and Development Company (SSTEC) signed a Memorandum of Understanding with Japan's largest eco-friendly developer, Mitsui Fudosan, to build an eco-neighbourhood that will boast a highly coveted riverfront spot.

Due for completion in 2013, it will be built for the high-end market and will connect three adjacent plots from the valley to the riverfront to create a so-called 'walkable community'.

This will allow residents to access and share amenities such as the neighbourhood centre, schools and train stations.

SSTEC chief executive Goh Chye Boon said Mitsui is a well-established developer of premier properties, such as Tokyo Midtown, and is sought for its know-how in building eco-friendly homes.

Tianjin eco-city barely broke ground a year ago, but already has attracted total investments of 40 billion yuan, Mr Goh told The Straits Times.

The pace of development has been so swift that the start-up area of 4 sq km has expanded to 6 sq km, he added.

'At the start, we were knocking on investors' doors, but now they are knocking on ours' instead.'

The Mitsui Fudosan deal follows a string of high-profile property contracts with major developers such as China's Shimao Property Holdings and Taiwan's Farglory Group, all amounting to some 23 billion yuan.

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