Sunway City signs MoU with SSTEC for RM2.4 billion project in China

PETALING JAYA: Sunway City Bhd announced on Oct 27 it has signed an MoU with Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd (SSTEC) to develop a project in Tianjin Eco-City with a gross development value (GDV) of RM2.48 billion.

The MoU was signed by the two parties to conduct market research, a feasibility study and business plan over the next six months, after which Sunway City will decide on the feasibility of the project as co-developers.

The second phase of the project will be a mixed-development made up of 88% residential and 12% commercial land use.

The entire development will have 4,753 households and is developed in three phases starting from 2011.

Tianjin Eco-City is a 50:50 joint venture between the Chinese Consortium led by Tianjin TEDA Investment Holding Co and the Singapore Consortium led by Keppel Group.

It is a bilateral project between China and Singapore. Tianjin Eco-City’s start-up area will span 4 sq km and it will have 26,500 households, with residents moving into the area in 2011.

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