Sino-Singapore Tianjin Eco-City land plot sold for S$236.4m

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) ( see amendment note) 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.

Sunac China Holdings won the bid through its unit Tianjin Sunac Real Estate Co, in its first foray into the Eco-City. A developer of residential and commercial real estate, it 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.

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.

Amendment note: An earlier version of this article stated that the plot was sold for 1.17 million yuan. It should be 1.17 billion yuan (S$236.4 million)