Tianjin Eco-City plot sells for 1.17b yuan

Singapore

ANOTHER land plot in the Sino-Singapore Tianjin Eco-City was sold in a land tender for 1.17 billion yuan (S$236.4 million) on April 22, its joint-venture master developer Sino-Singapore Tianjin Eco-City Investment and Development Co (SSTEC) announced on Wednesday.

This was a 3.62 per cent premium over the starting price, and translates to 7,013 yuan per square metre for the 10.86 hectare residential plot in the central district of the Eco-City, which was listed in mid-March.

The price is comparable to another land plot of similar gross floor area sold in 2019, said SSTEC.

Sunac China Holdings won the bid through its unit Tianjin Sunac Real Estate Co, in its first foray into the Eco-City. The residential and commercial developer was named one of China's top 10 developers last year by the China Real Estate Association.

The plot will be developed "as an ecological and liveable project comprising low-rise and mid-high-rise buildings," said SSTEC. It is located close to the China-Singapore Friendship Garden, which is under construction, as well as waterfront leisure spaces and commercial, cultural and educational facilities.

SSTEC chief executive officer Tay Lim Heng said: "We believe that Sunac, with its experience and track record in the industry, will develop high-quality residences and help transform the Central District into a green, smart and liveable district."

SSTEC is a 50-50 joint venture between a Singapore consortium led by Keppel Group and a Chinese consortium led by Tianjin TEDA Investment Holding Co. Covering 30 square kilometres, the Eco-City is a bilateral project between Singapore and China with private-sector investment and development.