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by Cheryl Tay
Property developer CapitaLand, together with CapitaMalls Asia (CMA) and Singbridge Holdings, recently broke ground for the City Chongqing (pictured), an iconic mixed-development project in the heart of the Yuzhong District in Chongqing, China.
Jointly invested in with Singbridge, Raffles City Chongqing is CapitaLand Group’s largest single investment. It is also the biggest single investment by any Singaporean company in China. Including land costs, the overall cost of the project is expected to be about 21.1 billion yuan (S$4.2 billion)
CapitaLand and CMA each hold a 25 percent interest in the project, while Singbridge owns a 30 percent stake. The remaining 20 percent will be held by unrelated parties.
The groundbreaking ceremony was graced by 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 Group’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.
Chong Phit Lian, CEO of Singbridge Corporate, said, “Singbridge has always been committed to exploring collaboration and joint venture possibilities with Singapore and non-Singapore enterprises which are interested in developing large scale development projects.”
Chong added that the new development is Singbridge’s “fourth large scale project in China. It marks the continuous expansion of Singbridge’s investment and business presence in China.”
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