October 1, 2012
At an estimated RMB 21 billion, the mixed-use retail, office and residential project is the largest single investment by a Singapore firm in China.
Marking the largest single investment by CapitaLand Group, Raffles City Chongqing - undertaken in collaboration with CapitaMalls Asia (CMA) and Singbridge Holdings - recently broke ground, ushering in an iconic development for the Chinese city.
Located in the heart of the Yuzhong District in Chongqing, the mixed-use development will span some 1.03 million sq m in total. It is comprised of a mixture of commercial and residential components, including a shopping mall, offices, luxury residential units, serviced apartments and a hotel. The property is designed by renowned architect Moshe Safdie.
Raffles City Chongqing is CapitaLand Group's largest single investment and the biggest single investment by any Singaporean company in China. The overall cost of the project is expected to reach RMB 21.1 billion, including land costs.
The project is majority-held by CapitaLand (25%), CMA (25%) and Singbridge (30%), with unrelated parties holding the remaining 20%.
The groundbreaking ceremony was attended by leaders of the project's Singapore investors as well as Chinese provincials officials. They include Wong Kan Seng, Chairman of Singbridge Holdings, Liew Mun Leong, President and CEO of CapitaLand Group and Mayor of Chongqing Huang Qifan.
"Today's groundbreaking marks a key milestone for CapitaLand - Raffles City Chongqing is the Groupâ€™s biggest single investment in China, and also the largest by any Singapore firm in China. With the well-established Raffles City branding, coupled with the design concept by internationally renowned architect Moshe Safdie and its prime location, the potential of Raffles City Chongqing is immeasurable," said Liew Mun Leong.
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