THE firm behind the Tianjin eco-city in China clinched a three billion yuan (S$644 million) deal yesterday, with a Japanese company, to build a 40ha integrated riverfront neighbourhood.

It is the latest in a string of property deals for the city, a 30 sq km demonstration project driven by the Singapore and Chinese governments.

The Sino-Singapore Tianjin Eco-City Investment and Development Company (SSTEC) signed a Memorandum of Understanding with Japan's largest eco-friendly developer, Mitsui Fudosan, to build an eco-neighbourhood that will boast a highly coveted riverfront spot.

Due for completion in 2013, it will be built for the high-end market and will connect three adjacent plots from the valley to the riverfront to create a so-called 'walkable community'.

This will allow residents to access and share amenities such as the neighbourhood centre, schools and train stations.

SSTEC chief executive Goh Chye Boon said Mitsui is a well-established developer of premier properties, such as Tokyo Midtown, and is sought for its know-how in building eco-friendly homes.

Tianjin eco-city barely broke ground a year ago, but already has attracted total investments of 40 billion yuan, Mr Goh told The Straits Times.

The pace of development has been so swift that the start-up area of 4 sq km has expanded to 6 sq km, he added.

'At the start, we were knocking on investors' doors, but now they are knocking on ours' instead.'

The Mitsui Fudosan deal follows a string of high-profile property contracts with major developers such as China's Shimao Property Holdings and Taiwan's Farglory Group, all amounting to some 23 billion yuan.

Read the full story on Tuesday's edition of The Straits Times.