Malaysia/Tianjin/Singapore 27 October 2009 Sino-Singapore Tianjin Eco-City Investment and Development Co., Ltd. (SSTEC) has joined hands with one of Malaysia’s top developers, Sunway City Berhad (SunCity), to pursue the development of a large project in Tianjin Eco-City, China, with an estimated gross development value of more than RMB 5 billion (RM 2.48 billion) .
As a first step, a Memorandum of Understanding (MOU) was signed today between Sunway City Berhad and SSTEC, to conduct market research, a feasibility study and business plan in the next six months.
The signing took place at Malaysia’s Sunway Lagoon Resort in Bandar Sunway, which is a well-known environmentally friendly project in its own right. The successful rehabilitation of the 800-acre disused mining land into a vibrant award-winning city has won it many local and international recognition and accolades. It is this common commitment to sustainable development that first attracted the master-developer of the Tianjin Eco-City, SSTEC, to explore potential collaborations with SunCity.
“This exciting collaboration with SunCity is a natural decision by SSTEC as SunCity is an international class developer with established track records in environmentally friendly development. In order to create the global city with a practical and credible eco foundation, SSTEC has not spared any effort to attract the largest and best eco developers from the region. SunCity will be joining an exclusive group of Asia’s top developers, including China’s Shimao Group, Japan's Mitsui Fudosan, Taiwan's Farglory Group and Singapore's Keppel Land”, said CEO of SSTEC, Mr. Goh Chye Boon.
As part of the Phase 2 development of the Tianjin Eco-City, the mixed development project which constitutes 88% residential and 12% commercial land use will be a development that is easily accessible, integrating seamlessly with the third light rail transit (LRT) station of the Tianjin Eco-City. With land plots that will exploit the good connectivity of the LRT along the eco-valley – an outstanding 12 km park land connector that will plough through the whole Eco-City without crossing any roads – as well as the exclusive riverfront location where luxurious housing can be developed, the two partners aim to develop attractive residential and commercial facilities that will not only benefit the residents but also reach out to visitors from beyond the Eco-City to create a vibrant “live and play” environment.
This signature eco development will also aim to achieve a minimum rating of Tianjin Eco-City’s Green Building Evaluation Standards (GBES) Gold Award to set a higher benchmark for eco development within an eco neighborhood and draw on the invaluable eco track record and experience of SunCity.
Based on the preliminary concept, the land, more than 40-ha, will be developed in three phases starting from 2011. When completed, the entire development is estimated to be home to about 4,753 households.
Sunway Group’s Founder and Chairman, YBhg Tan Sri Dato’ Seri Dr Jeffrey Cheah 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”.
“Venturing abroad is also a great opportunity for SunCity to transfer and further sharpen our skill sets in foreign markets. We acknowledge the existence of a huge market potential in countries with emerging economies such as China,” he said.
About SSTEC
SSTEC 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. (Tianjin TEDA) and the Singapore Consortium led by the Keppel Group.
The Tianjin Eco-City is a landmark bilateral project between China and Singapore with private-sector investment and development. Located in the Tianjin Binhai New Area (40 km away from Tianjin city centre), the 30-sq km Tianjin Eco-City is envisioned to create a harmonious and sustainable community that meets the needs of an urbanising China and will be a modern township where 350,000 residents can live, work and play.
When completed, the 4-sq km Start-Up Area will be home to 26,500 households, with the first batch of residents expected to move in around 2011.
About SunCity
Sunway City Berhad (SunCity) is a uniquely integrated Malaysian property developer with a truly diversified portfolio of quality residential, commercial, retail and leisure properties. It was listed in 1996 on the Main Board of Bursa Malaysia. SunCity is renowned for its unique business model of “The Best of Both Worlds” which consists of the High Growth Property Development Division and a stable base of income for High Yielding Property Investment Division.
Since its incorporation in 1986, the property development division has delivered over 17,000 properties with a GDV of RM9 billion and as at 1 October 2009, it has a landbank of 1,900 acres with a RM14.2 billion GDV. On the Overseas front, SunCity has marked its presence in four countries, namely China, India, Cambodia and Australia.
SunCity's property investment division owns and manages a multitude of award-winning properties including Sunway Pyramid Shopping Mall, Sunway Resort Hotel & Spa, Sunway Lagoon, Menara Sunway, Monash University Sunway Campus, Sunway University College and Sunway Towers (previously known as Wisma Denmark).
