The Keppel Group of companies will leverage and synergise core strengths, expertise and networks as they formalise joint ventures for their participation in and contribution to the Sino-Singapore Tianjin Eco-City (Tianjin Eco-City?).

Keppel Corporation Limited (KCL?) and Keppel Land Limited (KLL?) will take up interests of 65% and 35% respectively in each of Keppel Group Eco-City Investments Pte Ltd (KGECI?) and Substantial Enterprises Limited (SEL?).

KGECI and SEL will in turn hold equal stakes in Singapore Tianjin Eco-City Investment Holdings Pte. Ltd. (STEC?), which has entered into a 50:50 joint venture with Tianjin Eco-City Investment and Development Co., Ltd (TEC?) as the masterplan developer of Tianjin Eco-City.

KCL is the Singapore entity leading the Singapore consortium company, STEC, while the Tianjin TEDA Investment Holding Co, Ltd, a PRC company wholly-owned by the Tianjin Municipal Government, leads the PRC consortium company, TEC.

KCL will have a direct interest of 45% in KGECI, and its balance of 20% interest will be held through its wholly-owned subsidiary, Keppel Integrated Engineering Limited (KIE?) while its 45% and 20% interests in SEL are held through wholly-owned subsidiaries, KepVenture Pte Ltd and KIE respectively.

In a recent announcement, KCL and KLL said that they are taking up interests of 45% and 55% respectively in a 36.8-ha site located in the 4-sq km Start-Up Area (SUA?) of the Tianjin Eco-City. KLL has been appointed the project manager for the development of the site, which will be carried out in phases.

The site, which is at masterplan development stage, is expected to yield about 5,000 homes in total as well as commercial developments including office and retail with a total gross floor area (GFA?) of about 680,000 sq m.

Phase 1 is expected to yield about 1,760 homes with a total GFA of about 170,000 sq m and commercial developments (including office and retail) covering a total GFA of about 40,000 sq m. Construction of Phase 1 will commence in 1Q 2010 and the sales launch of Phase 1 homes is expected in 2Q 2010.