SINGAPORE - Sembcorp Properties, through its wholly-owned subsidiary, Riverside Quay, has acquired a 5.66-hectare mixed-use site through a public land auction in the Sino-Singapore Nanjing Eco Hi-tech Island (SNEI) in Jiangsu province.
The SNEI is situated on an island, Jiangxinzhou, 6.5 kilometres from Nanjing's city centre.
Half the island's 1,500-hectare gross land area will be developed for industry, commercial and residential use, while the remaining area is set aside under the master plan for ecotourism.
Sembcorp is also a developer of the SNEI, with an equity ownership of 21.5 per cent.
The acquired site has a total gross floor area of 75,955 square metres comprising residential apartments for sale, as well as industrial office space for lease.
Sembcorp Properties will build and operate the industrial office, named the Nanjing International Water Hub, which integrates top-notch technology and innovative research & development, engineering and commercial initiatives in building a strategic platform for the water industry.
Sembcorp Properties, which is wholly owned by Sembcorp Industries, will incorporate a wholly-owned subsidiary in China, Nanjing Riverside Quay, to undertake the mixed-use development.
The total investment will be funded partly by equity of 565 million yuan (S$124 million) and the remainder funded by external borrowings and project cash flow.