SINGAPORE, 2 NOVEMBER 2009—Philips is helping the Sino-Singapore Tianjin Eco-City Investment & Development Co., Ltd. (SSTEC) to develop a model eco-city.
Both companies recently signed a Memorandum of Understanding (MoU), making the way for close collaboration on the test-bedding and application of energy-efficient lighting and consumer lifestyle products and solutions.
SSTEC is a 50/50 joint venture between the Chinese Consortium led by Tianjin TEDA Investment Holding Co., Ltd. (Tianjin TEDA) and the Singapore Consortium led by the Keppel Group. According to companies’ officials, the MoU is not expected to have material impact on the net tangible assets or earnings per share of Keppel for the current financial year.
Eco-homes for new China
SSTEC has a strategic vision to develop a model eco-city by drawing on solutions and ideas from world-class eco-tech solution providers. Philips will help the company to realise this goal and together they will explore joint programmes on energy efficiency to promote the use of energy-efficient products and solutions in the Sino-Singapore Tianjin Eco-City.
This initiative is aimed at developing eco-homes that meet the needs of an urbanising China. Philips also intends to invest in the Sino-Singapore Tianjin Eco-City to support this collaboration. Being ‘green’ has become increasingly important these days and the fast growing economy of China necessitates urgent attention on key environmental issues such as renewable energy, waste management and the construction of green buildings.
Philips is uniquely positioned to help develop the Sino-Singapore Tianjin Eco-City as it has been actively promoting the switch to energy-efficient lighting solutions. The company uses the latest lighting technologies to make large urban spaces brighter and safer. In addition, Philips is engaged in the active promotion of the concept of ‘sustainable cities’ in China for ongoing city master planning and use of intelligent urban lighting solutions.
Sustainable business opportunity
Philips has a green product portfolio of consumer lifestyle products and solutions. The company believes these products are ideal for these new eco-homes.
Noting Philips to be a health and well-being company, Patrick Kung, executive vice president and CEO of Philips Greater China, said that with this contract, they have once again demonstrated that sustainability is their business opportunity. They aim to create value for their company, improve the quality of people’s lives and contribute to a better environment.
“Improving energy efficiency is integral to green and sustainable buildings. We are happy to partner Philips in the areas of energy-efficient lighting and consumer lifestyle solutions,” said Goh Chye Boon, CEO of SSTEC. “As a household name in China, we are confident that Philips can value-add to our developments by bringing on board consumer-friendly solutions and know-how in energy efficiency. Tianjin Eco-City can value-add as a base for eco-companies such as Philips to provide eco-solutions to Tianjin, Tianjin Binhai New Area and Northern China.”
