A consortium comprising CapitaLand, CapitaMalls Asia and Singbridge Holdings (SBH) has signed a cooperation agreement with the Chongqing government for the development of its biggest mixed-use project, in terms of land size and investment quantum.
Under the agreement, the consortium will develop a prime site in Chongqing, China into a mixed-use project comprising eight residential towers, a shopping mall, office, serviced residence and hotel.
“We are very pleased to have signed the agreement which brings us another step closer to realising a landmark development that will be at the heart of the prestigious Chao Tian Men site,” said Liew Mun Leong, President and CEO of CapitaLand Group.
“Considered the crown jewel of Chongqing, with frontage along the Yangtze and Jialing rivers, this peninsula site offers us the unique opportunity to build an iconic integrated development consisting of residential apartments, a shopping mall, offices, serviced residences and a hotel.”
An estimated development cost of S$4.3 billion (RMB21.1 billion) will be funded through a mix of debt and equity.
The 987,943 sq ft site has a plot ratio of 8.9 and is currently occupied by several hotels and wholesale centres.
“With its strategic location next to traditional Central Business District (CBD) of Jie Fang Bei and excellent connectivity as part of a transport hub with a metro station, bus interchange, ferry terminal and cruise centre, the mixed development is set to enjoy the strong base of international and domestic demand,” commented Lim Ming Yan, Chief Operating Officer of CapitaLand Ltd.
CapitaLand and CapitaMalls Asia each own a 25 percent stake in the development and SBH owns a 30 percent interest, while the remaining 20 percent share will be held by unrelated parties.
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