Keppel Land China was awarded a 10.97 ha residential site in a public land tender for the Sino-Singapore Tianjin Eco-City for 1.07 billion yuan, or around S$214 million, Keppel Corp. said in a filing to SGX on Wednesday.
The new site, located in the mature start-up area of the Eco-City, is earmarked for an eco-community of 392 units of terrace houses and 180 units of low-rise apartments, targeting upper-middle income homebuyers, it said in a filing to SGX.
The total development cost is expected to be more than 1.90 billion yuan, or around S$380 million, including the land cost, Keppel said.
The project is expected to be launched in the fourth quarter of 2019, it said.
The Eco-City is a project between the governments of Singapore and China to create a replicatable model of sustainable urbanization, the filing said, adding its already had 10 years of development and has around 7,000 registered companies and 10,000 people living and working there.
Ben Lee, president of Keppel Land China, said the Keppel Group has been leading the Singapore consortium in the Eco-City’s development.
“Over the past decade, Keppel Land has been participating actively in and contributing to the Eco-City’s development. Our eco-friendly homes have been well-received by the market,” Lee said, noting it has launched around 4,500 units of homes there, with around 98 percent sold.
Another 346 units of homes will be launched there in 2019, Lee said.
Other Keppel businesses have worked on the Eco-City development in areas including sustainable urbanization, including water reclamation, energy and engineering services, district heating and cooling and integrated logistics distribution, the filing said.
Keppel Land China is a wholly owned subsidiary of Keppel Land, which is the property arm of conglomerate Keppel Corp.