Keppel begins work on Tianjin project

Mainboard-listed Keppel Corporation broke ground for its mixed-use development Seasons City project located in the Sino-Singapore Tianjin Eco-City yesterday.

Its wholly-owned subsidiary, Keppel Integrated Engineering Limited (KIE), also signed a joint venture to pursue the building, owning and operation of a water reclamation plant in the area, with a total investment value of 300 million yuan (S$57 million).

Senior Minister Goh Chok Tong attended the ground-breaking ceremony in Tianjin, and also witnessed the signing of the joint venture by KIE with Tianjin Eco-City Investment and Development Co Ltd (TECID).

"Seasons City is also the first commercial development to roll out under Keppel Land China and we are looking into opportunities in other cities as well to build up our commercial portfolio," said Mr Ang Wee Gee, executive vice-chairman of Keppel Land China.

The project consists of three office towers, retail premises and serviced apartments, which will be developed in phases. Seasons City has a total gross floor area of about 254,398 sqm.

Keppel Land China, the wholly-owned subsidiary of the group's property arm Keppel Land Limited, is the project manager for the Keppel development in the eco-city.

As for the water reclamation partnership with TECID, KIE will hold 40 per cent of the joint venture while 60 per cent will be held by TECID. The plant will include a wastewater effluent polishing unit and a water recycling facility, and is expected to serve the whole eco-city.

Keppel said the joint venture agreement is not expected to have material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.