Plot in Sino-Singapore Tianjin Eco-City sold for $292.47m

This is the second plot sold by Keppel in H2 2018.

Another plot of land in the Sino-Singapore Tianjin Eco-City (SSTEC), co-developed by Keppel Corporation, has been successfully bid for. The 8.77ha plot, meant for residential use, was sold to Tianjin Yeshine Group at $292.47m (RMB1.46b).

According to OCBC Investment Research, this is the second plot of land sold in the second half of 2018, and based on land area, this has fetched higher values than previous transactions.

Also read: Keppel's property segment dethrones O&M in profits

However, on a gross floor area (GFA) basis, the price is lower, said OIR analyst Low Pei Han. “We do note that the pricing for each plot varies according to the characteristics such as location and access to amenities, amongst other factors,” she said.

“It is important to look at both land price based on land area, as well as that based on GFA – the former because SSTEC had previously bought the land from the Tianjin government based on land area, whilst the latter could be more relevant for property developers looking to make bids,” Low added.

The land plot is in the Eco-City’s Central District, adjacent to the picturesque Eco-Valley and near Nankai High School and Nankai Primary School. This latest transaction is expected to be completed in October 2018.

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