Foreign Property News | Posted by Zarni Kyaw
CapitaLand announced on Monday that it has topped out the 1.2-million-square-metre Raffles City in Chongqing, a month after the Singapore-listed firm announced the S$11 billion acquisition of fellow government-backed developer Ascendas-Singbridge, its partner in the project.
Now structurally complete, the RMB 24 billion property will be launched in phases starting from the second half of 2019, according to a statement by the developer.
The Moshe Safdie-design project, in which CapitaLand held a 62.5 percent stake at end of 2017, was first announced in 2011 and broke ground in 2012.
The eight-tower development, which CapitaLand has christened “the crown jewel of Chongqing” by CapitaLand, is the largest single investment by a Singaporean firm in China.
Crowned by a sky-bridge reminiscent of Singapore’s Marina Bay Sands, the complex is located near the southwestern Chinese city’s Chaotianmen area at the intersection of the Yangtze and Jialing rivers.
“Upon Raffles City Chongqing’s structural completion, we are now focusing on the interior fit-out works, including transplanting trees to enliven The Crystal sky bridge, which will feature the tallest observation deck across Western China.
Positioned as a must-visit destination for local residents as well as domestic and overseas travelers, Raffles City Chongqing has been garnering a strong response from our customers,“ said Lucas Loh, President of CapitaLand Group.
Ref: Property Report
