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Singapore’s Surbana Jurong (SJ) announced on Thursday (15 March) that it has inked a memorandum of understanding (MOU) with a subsidiary of China Vanke to jointly develop new industrial towns in the mid-western regions of China.
SJ, a unit of sovereign wealth fund Temasek Holdings, teamed up with Vanke Industrial Town (Midwest) in a bid to create sustainable cities that integrate industrial projects and residential communities.
The partnership combines SJ’s world-class expertise in designing, planning, engineering urban and industrial projects with Vanke’s experience in Chinese property development and management.
Their first project will be Vanke’s Jianzhou Dream Town in Chengdu, with SJ responsible for conceptualising the city’s design.
Last October, Hong Kong-listed Vanke committed to invest RMB200 million in new industrial towns in eastern and southern Chengdu, under a strategic cooperation framework agreement it signed with Chengdu’s municipal government.
“Surbana Jurong is proud to partner Vanke in the sustainable long-term development of Chengdu,” said Teo Eng Cheong, Surbana Jurong’s international CEO for Singapore, Southeast Asia and North Asia.
“Designing sustainable cities that integrate work and play is a hallmark of Surbana Jurong and reflects our philosophy of ‘Building Cities, Shaping Lives’. With over fifty years of experience in urbanisation, industrialisation and infrastructure development in global projects, we are excited to work with Vanke in transforming Chengdu to a smart city for the people,” he added.
Further to the MOU, Surbana Jurong and Vanke will look into establishing a joint venture.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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