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Singapore’s CapitaLand said on Wednesday (4 July) that its Raffles City Chongqing development in China is around 80 percent complete and is on track to open in phases from Q2 2019 after construction started more than five years ago.
Valued at RMB24 billion (approx. S$4.9 billion), it is touted as the city-state’s biggest single project in China by value and has a gross floor area (excluding car park) of about 817,000 sq m.
The 9.2ha development consists of a 230,000 sq m shopping mall and eight skyscrapers, of which six have topped out and the tallest two have a height of 350m. These towers contain 160,000 sq m of Grade A office space, a luxury hotel, Ascott Raffles City Chongqing serviced residence and 1,400 apartments. Currently, 90 percent of the 500 residential units launched have been sold.
Among Raffles City Chongqing’s unique features is The Conservatory, a 250m-high sky bridge containing many amenities like restaurants, an infinity pool, sky gardens and viewing gallery. The platform is located on top of four skyscrapers and is connected to the other two towers via cantilever bridges.
The development also boasts several records. For instance, it has the world’s highest sky bridge linking the most number of towers, it is China’s tallest residential skyscraper and it is the highest building in Chongqing.
Located within the historic Chaotianmen area, which is known as Chongqing’s crown jewel in southwest China, the landmark urban renewal project is adjacent to the traditional Jiefangbei central business district and stands at the confluence of the Yangtze and Jialing rivers in Yuzhong District.
“As the investor and master developer of this historical site, our goal is to create a vibrant riverfront urban district that serves as a dynamic city gateway befitting of Chongqing’s growing economic influence,” said CapitaLand Group CEO and President Lim Ming Yan.
“Bringing this megastructure to life requires not just astute project and capital management on CapitaLand’s part, but also the strong support from the government, our partners and the local residents.”
Raffles City Chongqing represents CapitaLand’s eighth project under this brand in China. The other seven are already operating in Beijing, Chengdu, Hangzhou, Ningbo and Shenzhen, with two in Shanghai. Including Raffles City Singapore, these collectively measure about 4 million sq m and have a combined value of S$15.0 billion (about RMB72.7 billion).
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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