Sembcorp Breaks Ground for New Singapore-Sichuan Hi-Tech Innovation Park in China
May 08, 2012
Sembcorp Development, a wholly-owned subsidiary of Sembcorp Industries, has through its joint venture company, Singapore-Sichuan Investment Holdings (SSIH), entered into a joint venture agreement with its Chinese partner, the Chengdu Hi-tech Investment Group Co (CHIG). Under the terms of the agreement, SSIH and CHIG will incorporate a joint venture company, Sino-Singapore (Chengdu) Innovation Park Development Co, in China with a combined investment of RMB1.86 billion in equity capital for a 50% stake each. Sembcorp holds a 50% share in SSIH.
The agreement signifies the development of the Singapore-Sichuan Hi-tech Innovation Park (HTIP). A groundbreaking ceremony was held today witnessed by Mr Lim Swee Say, Singapore Minister, Prime Minister’s Office and Singapore Advisor to the Singapore-Sichuan Trade and Investment Committee (SSTIC); Mr Liu Qibao, Sichuan Party Secretary; Mr Jiang Jufeng, Sichuan Governor and Sichuan Advisor to the SSTIC; Mr Huang Xinchu, Chengdu Party Secretary and Mr Ge Honglin, Chengdu Mayor.
Spanning 1,000 hectares, the HTIP will be a mixed-use work-live development that supports diverse activities to create a vibrant urban environment. The HTIP will focus on attracting modern, innovative and knowledge-intensive industries such as information technology, digital media, pharmaceutical research, precision engineering, environmental services, service outsourcing, banking and insurance.
The HTIP will be developed in phases with a start-up area of 300 hectares or six million square metres gross floor area of commercial, residential and industrial space to provide for corporate headquarters, incubator firms as well as research and design businesses.
The HTIP is located within Chengdu’s Tianfu New City central business district, a newly established national-level economic development zone in China. The HTIP is a major development for Tianfu New City as it will enhance the city’s urban and commercial functions. Chengdu is the national centre for software as well as a hub for high-end manufacturing and information technology. In addition, Chengdu and Chongqing are cities identified to spearhead the development of western China.
Ms Low Sin Leng, Executive Chairman of Sembcorp Development, said, “Chengdu is undergoing tremendous transformational 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.”
The HTIP is a commercially-driven project supported by the SSTIC. The SSTIC and International Enterprise (IE) Singapore, the government agency driving Singapore’s external economy, will continue to provide the necessary assistance and support for the project development, reinforcing the strong economic ties between Singapore and Sichuan.
Said Minister Lim Swee Say, Minister, Prime Minister’s Office and Advisor to the SSTIC, “The groundbreaking of HTIP marks a major milestone for the collaboration between Sichuan and Singapore businesses. This integrated development of modern services, modern living and modern manufacturing supports the drive towards an innovation driven economy. It will generate challenging and exciting opportunities for both sides, as well as attract global investors to participate in the growth of Sichuan and western China.”
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For media and analysts’ queries, please contact:
Ng Lay San (Ms)
Group Corporate Relations
DID: +65 6723 3150
Email: [email protected]
Mary Ann Chan (Ms)
Sembcorp Parks Management
DID: +65 6723 3976
Email: [email protected]
ABOUT SEMBCORP INDUSTRIES
Sembcorp Industries is a leading energy, water and marine group operating across six continents worldwide. With facilities with 5,600 megawatts of gross power capacity and over seven million cubic metres of water per day in operation and under development, Sembcorp is a trusted provider of essential energy and water solutions to both industrial and municipal customers. It is also a world leader in marine and offshore engineering as well as an established brand name in urban development.
The Group has total assets of over S$11 billion and employs over 9,000 employees. Listed on the main board of the Singapore Exchange, it is a component stock of the Straits Times Index, several MSCI and FTSE indices as well as the Dow Jones Sustainability Asia Pacific Index.
Note to Editors:
Please refer to the company as “Sembcorp” (with “S” in upper case and “c” in lower case), or “Sembcorp Industries” in full. Please also note that “Sembcorp” is not an abbreviation of “Sembawang Corporation” but a brand name in itself, and it is therefore incorrect to refer to our company as “Sembawang”, “Sembawang Corporation” or similar.