Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Saturday, May 1, 2010

SunCity keen to work with Keppel

Property developer Sunway City Bhd (SunCity) hopes to commence talks with Singapore's Keppel Corp Ltd over a possible future collaboration, following its agreement to jointly develop a RM5 billion residential project in Tianjin, China.

"Keppel is a global player and we would like to work with them on their projects internationally.

"There is no serious discussions as yet," SunCity international property development division managing director Ngian Siew Siong said.

SunCity yesterday signed a collaborative agreement with Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd (SSTEC) to develop the project on 41ha, which is within the 3,000ha Tianjin Eco-City integrated development.

SSTEC is the master developer for Tianjin Eco-City, a 50:50 joint venture between a Chinese consortium led by Tianjin TEDA Investment Holding Co Ltd and a Singapore consortium led by Keppel Group.

Ngian said the new project will create a platform for more collaborations for the firm, especially with Keppel in future.

SunCity has completed a six month feasibility study and a business model for the 41ha project.

A 60:40 joint venture company between SunCity and SSTEC will build 5,000 units of luxury homes comprising bungalows, villas, semi-detached and terraced houses and low-rise condominiums. There will also be a street mall with small office home office (SOHO).

Ngian said the five-year project will incorporate the concept of lifestyles of health and sustainability (Lohas) and sell mainly in the Chinese market.

Lohas is a concept dedicated to promoting and improving health and fitness, environment, personal development, sustainable living and social justice.

"We are bullish on the market as this is the first-of-its-kind Lohas-centric development in China," Ngian said.

He added that houses in the first phase of construction, which will start early next year, will be priced from RM500 per sq ft.

The project will be funded through bank borrowings.

By Business Times (by Sharen Kaur)

No comments: