Ayala Land, Inc. has announced that its unit Regent Wise Investments Limited has inked an equity joint venture agreement with Singapore-based Sino-Singapore Tianjin Eco-City Investment and Development Co. to develop a $220-million residential project in China.
The project will be located in Tianjin Eco-City, a 3,000 hectare collaboration between the Singaporean and Chinese governments, which will showcase the future direction of sustainable development and urban planning.
"Leveraging on China’s and Singapore’s experience in integrating urban planning and eco-development, the Tianjin Eco-City is expected to be a commercially viable ‘city-in-a-garden.’ With close proximity to Beijing and well-developed transportation networks and infrastructure, the Tianjin area has been selected as the most ideal site for this development,” said Ayala Land in an interview with Malaya Business Insight.
"Large-scale, practical eco-solutions from the global marketplace will be used to create a self-sustainable metropolis that can be replicated elsewhere in China and beyond."
China’s Shimao Group, Taiwan’s Farglory Group, Japan’s Mitsui Fudosan Group and Malaysia’s Sunway Group were also invited to develop the site.
"Ayala Land was chosen to join this very selected group of developers because of its strong track record, reputation and commitment to sustainability," it said.
Ayala Land will develop over 1,100 units within the 19-tower residential site which will be situated at the gateway of the Eco-City’s Start-Up Area. The project will be one of the first developments that people will see when they enter the Eco-City.