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SINGAPORE (Nov 29): CapitaLand Ltd and CapitaMalls Asia Ltd, together with Singbridge Holdings Pte Ltd (SBH), have been awarded a prime site for a landmark mixed development in the heart of Yuzhong District in Chongqing, China.
The site, measuring 91,783 sq m, was awarded at a price of 6.536 billion yuan (RM3.27 billion).
CapitaLand Group president and chief executive officer Liew Mun Leong said: "We are very pleased to be awarded the tender for the Chao Tian Men site, which has been accorded great importance by the Chongqing government."
Designed by renowned architect Moshe Safdie, the development's design inspiration takes the form of powerful sails upon the river, symbolising a great city surging forward.
"We will leverage on our experience in developing the Raffles City integrated developments to deliver a landmark project that will be the pride of Chongqing, and one of the most iconic developments in China," Liew told a press briefing here today.
Meanwhile, Capitamalls Asia CEO Lim Beng Chee said the development will expand the company's portfolio in western China to 12 shopping malls.
CapitaLand, CapitaMalls Asia and Singbridge will develop the site into a landmark mixed development, including a shopping mall and eight towers for residential, office, serviced residence and hotel use, with total gross floor area (GFA) of about 817,000 square metres.
The development will enjoy excellent connectivity as it will be integrated with a metro station, bus interchange, ferry terminal and cruise centre.
It will also be linked to the key districts of Jiangbei and Nan'an by bridges, which are expected to be completed around 2013.
Including the land, the total development cost of the project is expected to be about 21.1 billion yuan.
The project will be funded through a mix of debt and equity. CapitaLand and CapitaMalls Asia each own a 25.0% effective stake in the development, with SBH having 30.0%.
The remaining 20.0% will be held by unrelated parties. — Bernama
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