Construction has started on the RMB100bn ($15.84bn) Singapore-Sichuan Hi-Tech Innovation Park (HTIP) in Chengdu, China.
Spanning in an area of 1,000ha, the HTIP will be a mixed-use development which will house 120,000 residents in the Gaoxin and Tianfu districts of Chengdu, capital of Sichuan province.
HTIP will be developed in phases, with work starting on a 300ha area to create commercial, residential and industrial space for corporate headquarters, incubator firms, as well as research and design businesses.
The park will focus mainly on eight industries: information technology, service outsourcing, digital media, biomedicine, environmental protection, precision machinery, finance and training.
In order to develop the park, Sembcorp Developments, through its joint venture company Singapore-Sichuan Investment Holdings (SSIH), has signed a RMB1.86bn ($294m) deal with its Chinese partner, the Chengdu Hi-tech Investment Group (CHIG) to set up a joint venture company to develop the park.
Sembcorp Development executive chairman Low Sin Leng said Chengdu is witnessing tremendous growth and is the gateway to the central and western regions of China.
"We aim to provide an integrated urban solution and hope to attract Singapore companies and other high tech international firms to reach out to this populous and fast growing market," Leng said.
The project will be operated by the Singapore-Sichuan company Sino-Singapore (Chengdu) High-Tech Innovation Park Development Company with a capital investment of $297m, jointly invested by Singapore state-owned company Temasek Holdings and CHIG.
Of the total cost, RMB20bn ($3.16bn) will be invested by the Sino-Singapore company, mainly for infrastructure construction, while the rest will come from global investors.
Construction of the park is expected to be completed in 2020.
Caption: The park will house 120,000 residents in the Gaoxin and Tianfu districts of Chengdu. Image: PRNewsFoto/Chengdu High-tech Industrial Development Zone.