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 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.