SINGAPORE (THE BUSINESS TIMES) - Yanlord Land Group and Ho Bee Land have entered into an agreement to jointly develop a residential site in Tianjin, China, the real estate developers said on Monday (June 28).

The land parcel has a total site area of 53,200 sq m and was acquired by Yanlord through public land auction for about 1.5 billion yuan (S$312.3 million). It is located in the prime residential area of Tianjin city, adjacent to the office of the Hongqiao District Government of Tianjin and the major commercial and office district.

Yanlord and Ho Bee will hold 51 and 49 per cent effective interest respectively in the project, which will transform the site into a high-end residential development with ancillary community retail space and educational facilities with total gross floor area of about 117,100 sq m.

The agreement continues a history of partnership between Yanlord and Ho Bee in the Bohai Rim real estate market as well as in Tangshan, Shanghai and Zhuhai since 2009.

Yanlord chairman and chief executive officer Zhong Sheng Jian commented that the land acquisition and project bank on Yanlord's track record for building quality residences in Tianjin, and reiterate the group's commitment to and confidence in the real estate market there.

"Capitalising on our core competencies as well as the synergistic benefits from our partner Ho Bee, we believe that the site will complement our existing initiatives and further strengthen our presence within the Bohai Rim real estate market," Mr Zhong said.

Mr Chua Thian Poh, chairman and CEO of Ho Bee, said the proposed joint project is in line with Ho Bee's strategy to diversify overseas. He expressed confidence that it will be "another successful cooperation between Ho Bee and Yanlord", building on Yanlord's expertise and experience in developing and marketing premium residential projects in Tianjin.