The signing marks a major milestone in the development of phase 1, which will be completed in October 2018.
The first phases will comprise of 571 homes and associated commercial space, including convenience shops, restaurants, extensive new public realm including canal side footpaths and cycle ways to the City centre.
The first residents are expected to start moving in to the apartments in March 2018.
The Middlewood Locks development will deliver a new mixed-use neighbourhood which, in total, will provide 2,215 new homes and 900,000 sq ft of commercial development space including offices, hotel, shops, restaurants, a convenience store and gym.
Phase 1 has a gross development value of more than £150m and is expected to create more than 300 jobs for the local region.
Kevin McCabe, Chairman of Scarborough commented: “We are delighted to have signed BCEG for the first phase of our Middlewood Locks development. This marks the culmination of many years of hard work and collaboration between all involved, both in the UK and China.”
Mr Xing Yan, Managing Director of BCEG said: “We look forward to continuing our work with Scarborough on the development of this significant and strategic regeneration project.”
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