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Keppel subsidiary wins China residential plot with 1.07B-yuan bid

Keppel Corp. Ltd.'s Keppel Land China Ltd. subsidiary secured the rights on a 10.97-hectare residential land parcel in the Sino-Singapore Tianjin Eco-City in China after offering to pay 1.07 billion yuan during an auction administered by the Sino-Singapore Tianjin Eco-City Investment & Development Co. Ltd.

The subsidiary of the Singapore-listed company intends to develop the site into an eco-community at a cost of more than 1.90 billion yuan. The project, which is expected to be launched in the fourth quarter of 2019, is planned to comprise 392 units of terrace houses and 180 units of low-rise apartments.

The Sino-Singapore Tianjin Eco-City is a landmark bilateral project between the respective governments of Singapore and China. It is home to nearly 7,000 registered companies, according to a press release.

As of Dec. 19, US$1 was equivalent to 6.89 Chinese yuan.