Support expressed for #CapitaLand’s Chongqing #large scale development
Chao Tian Men Project "Proceeding As Planned".
Chongqing has expressed its support for the mega eight-tower mixed-use office, retail, hotel and residential project led by CapitaLand.
Weeks after the political fallout arising from the forced step-down of Bo Xilai as Communist Party Chief of Chongqing, CapitaLand – Southeast Asia’s largest real estate developer – has announced that its mega mixed-use development in prime Chongqing will proceed as planned.
In a meeting last Wednesday with senior executives of CapitaLand and Singbridge, Chinese Vice Premier Zhang Dejiang, who replaced Bo, "expressed support for the project", said CapitaLand. "CapitaLand is now working closely with the Chongqing government to implement the project," it added.
With a gross development value estimated at SGD 4.3 billion, the Chao Tian Men complex spans approximately 817,000 sq m. Located on a prime site in the city, the development promises to be an iconic one, comprising of a retail mall and eight towers which will house hotel, serviced apartment, residential and office units.
The Chao Tian Men project is a joint venture between CapitaLand, CapitaMalls Asia (CMA) and Singbridge Holdings. In terms of interests, CapitaLand and CMA holds 50%, while Temasek Holdings’ full subsidiary, Singbridge, will hold 30%. Unnamed investors hold the remaining 20% stake in the project.
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