Singapore construction firm Tiong Seng Holdings Limited on Thursday revealed that the group, together with Sino-Singapore Tianjin Eco-city Investment and Development Co, Ltd (SSTEC), has signed a deal with Mitsui Fudosan Residential Co, Ltd. in a view to jointly set up two plots of land in Tianjin Eco-City.

Mitsui Fudosan Residential Co, Ltd. is a subsidiary of one of Japan's biggest real estate developers.

In addition, the parties are engaging in a possible partnership on a third plot of land which will feature the first high-end riverfront eco-neighborhood.

Tiong Seng's CEO Pek Lian Guan quoted, "Currently, if based on last two years, our Singapore contribution is about 70% and overseas contribution is about 30%. We hope to increase our overseas contribution; hopefully, to 50-50..... no specific time frame has been set yet”.

The agreement reported to be worth RMB4.5 billion (US$0.7 billion) was signed on April 29 2010 amongst SSTEC, the renowned developer of Tianjin Eco-City, Mitsui Fudosan and Tiong Seng.

Under the joint venture Tiong Seng possess a 9 percent stake or about S$82 million.

The two plots are expected to produce 2,250 units’ mid- to high-end condominiums, which are revealed to be concluded in two years, speculated to be priced between 10,000 to 12,000 renminbi per square meter.