Keppel Corporation arm buys Tianjin Eco-City residential site for $214m

The site will house an eco-community comprising 392 terrace houses and 180 low-rise apartments.

Keppel Corporation’s wholly owned subsidiary Keppel Land China secured a 10.97 ha residential site in the Sino-Singapore Tianjin Eco-City for $214m (RMB1.07b), an announcement revealed.

According to the firm, the new site will be developed into an eco-community comprising 392 units of terrace houses and 180 units of low-rise apartments. The project which is targeted at upper-middle income homebuyers is expected to launch in Q4 2019 and may cost approximately $380m.

Also read: Plot in Sino-Singapore Tianjin Eco-City sold for $292.47m

The site is located within the mature startup area of the Eco-City which is in close proximity to amenities such as the Tianjin Binhai Foreign Language school, Yongding Zhou Cultural Park, No.1 Community Centre as well as the mixed use development Seasons City that is being developed by Keppel Land.

“To date, Keppel Land has launched about 4,500 units of homes in the Eco-City, of which about 98% have been sold,” Keppel Land China president Ben Lee revealed in a statement. “A further 346 units of homes will be launched in 2019.”

The Eco-City is a landmark bilateral project between the governments of Singapore and China in an effort to create a practical, scalable and replicable model for sustainable urbanisation. After 10 years of development, it has been transformed into a green city with close to 7,000 registered companies as well as 100,000 people residing and working there.