Source : Straits Times – 21 Jul 2009
KEPPEL Corp has announced that it will be developing eco-homes and commercial developments in Tianjin Eco-City in China’s north-east.
Keppel’s capital investment cost is about 705 million yuan (S$150 million).
The project is the latest in a string of property deals for the city, a project being driven by the Singapore and Chinese governments.
Keppel Corp said that its listed property arm Keppel Land has been appointed the project manager for the site’s development, which will be carried out in phases. The site is expected to yield about 5,000 homes as well as commercial developments, including office and retail with a gross floor area of about 680,000 sq m.
The Keppel development is strategically located along the Eco-Valley, which links major transit nodes, residential developments and commercial centres. It is also near the Eco-Business Park and the commercial sub-centre, located next to a planned light rail station.
Mr Kevin Wong, group chief executive of Keppel Land, said the firm has a successful track record in masterplanning and executing large-scale integrated township developments.
‘Our knowledge of and experience in the China market will put us in good stead to harness synergies and create value for the Tianjin Eco-City,’ Mr Wong said. Keppel Land will tap the expertise of international consultants and agencies to contribute towards the development of a thriving city in an ecologically sustainable urban environment.
The international team of expertise engaged to contribute to Keppel’s first development includes Skidmore, Owings & Merrill, one of the world’s largest and most influential architecture firms, and Parsons Brinkerhoff, a leading engineering consultancy firm with vast experience in China and eco-projects.
Eco-features in the Keppel development include the provision of good thermal insulation for buildings and use of solar energy to reduce energy consumption, rainwater collection for irrigation, and extensive landscaping features such as sky gardens.
The proposed transaction is not expected to have any material impact on the respective earnings per share of Keppel Corp and Keppel Land for the current financial year.
The site is expected to yield about 5,000 homes as well as commercial developments, including office and retail with a gross floor area of about 680,000 sq m.
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