China – Keppel Land China Limited (Keppel Land China) has acquired a 10.37 ha prime residential site in the Sino-Singapore Tianjin Eco-City (Tianjin Eco-City) for RMB241.1 million (approximately S$49.1 million).
The land acquisition agreement was signed between Mr Ho Cheok Kong, President of Keppel Land China, and Mr Ho Tong Yen, CEO of Sino-Singapore Tianjin Eco-City Investment and Development Co., Ltd. (SSTEC), at the 6th Singapore-Tianjin Economic and Trade Council meeting in Singapore this morning. It was witnessed by Singapore’s Minister for National Development Mr Khaw Boon Wan and Mayor of Tianjin Municipal Government Mr Huang Xingguo.
Keppel Land China plans to develop about 350 landed homes on the new site, which is located within the Start-Up Area and close to the future city centre in the Tianjin Eco-City. Situated along the historic Ji Canal, the new development is also near the Commercial Sub-centre.
Targeted at the upper-middle income homebuyers, the new landed homes will be launched progressively, starting from the second half of 2014.
Residents can look forward to easy and direct access to major locations including one of China’s fastest growing regions, the Tianjin Binhai New Area, which will be a 15-minute drive from home. The new site is also a 30-minute drive from the Tianjin Binhai International Airport, 20 minutes to the Beijing-Tianjin Expressway I and 10 minutes to the Beijing-Tianjin Expressway II.
In line with Keppel’s commitment to the vision for the Eco-City, the new homes will be developed according to the Tianjin Eco-City’s Green Building Evaluation Standard, which is a combination of China and Singapore’s green building standards.
Keppel Land China’s first eco-homes in the Tianjin Eco-City, the 1,672-unit Seasons Park, was launched in 2010. As at end-September 2013, about 77% of the 1,105 launched units have been sold. Phase 2, Seasons Garden, comprises about 1,190 homes and was launched in August 2013. The commercial development, Seasons City, will comprise three office towers and retail premises with a total gross floor area of 162,000 sm. The first phase will feature one office tower and a retail complex, and is expected to be completed by 2017.
The above transaction is not expected to have any significant impact on the net tangible asset per share or earnings per share of Keppel Land Limited for the current financial year.