CapitaLand Chongqing purchase includes mall site

CapitaLand has acquired a company which owns a mixed-use development site in China’s Chongqing.

The CapitaLand Chongqing project, which will boost the Singapore developer’s residential pipeline in China by more than 2100 units, includes a 335,000sqm shopping mall scheduled for completion in 2022, and a further 100,000sqm of office and retail space.

CapitaLand is acquiring all the shares in the company which owns the 32 hectare site at the gateway to China’s fast-growing western region. The deal is valued at about S$1.19 billion.

The land parcel is located in Xinpaifang, a mature residential and commercial zone in Liangjiang New Area, the first national-level development area in inland China and a part of Chongqing’s Free Trade Zone. It is a 20-minute drive from Jiangbei International Airport and a short distance from Guanyinqiao and Jiefangbei CBDs, which is next to Raffles City Chongqing.

Lim Ming Yan, president & group CEO of CapitaLand Group, said given the site’s scale, strategic location and excellent connectivity, the Chongqing’s Xinpaifang asset is a prized acquisition that will boost CapitaLand’s land bank in a key gateway city in China’s southwest.

“Through our ‘core city clusters, dominant assets’ strategy, we have steadily ramped up our network in China’s first- and second-tier cities, cementing our lead as the foreign real estate developer with the largest portfolio of integrated developments.”

Comments

Comment Manually

Inside Retail Polls

Hong Kong retail sales in 2018
Will Hong Kong's retail rebound continue?
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered