A Step To Bigger Things in China
CapitaLand begins on its biggest investment in China with the groundbreaking of Raffles City Chongqing
Issue: Oct 2012
Raffles City Chongqing is not only CapitaLand’s biggest single investment in China, it is also the largest single investment by any Singapore company in the country
It was a momentous occasion in September when some 150 guests, including representatives and business partners, gathered to witness the groundbreaking for Raffles City Chongqing. The mixed development is jointly owned by CapitaLand, CapitaMalls Asia and Singbridge Holdings, a developer which specialises in large-scale sustainable urban development; and represents a big step for CapitaLand on many counts. Presiding over the prestigious Chao Tian Men area at the heart of Chongqing’s popular Yuzhong district where the Yangtze and Jialing Rivers meet, it is the Group’s biggest single investment in the country and also the largest ever made by any Singapore company. In total, development cost for the project is expected to amount to RMB 21.1 billion (S$4.2 billion / HK$25.8 billion).
Gracing the groundbreaking ceremony are Mr Tang Yingyu, Governor of Yuzhong District in Chongqing; Mr Pang Te Cheng, Consul General of Consulate General of the Republic of Singapore in Chengdu ; Mr Liew Mun Leong, President & CEO of CapitaLand Group; Mr Huang Qifan, Mayor of Chongqing; Mr Wong Kan Seng, Chairman of Singbridge Holdings; Mr Ling Yueming, Vice Mayor of Chongqing and Mr Liu Qiang, Yuzhong District Party Secretary
In a ceremony graced by the Mayor of Chongqing, Mr Huang Qifan; Chairman of Singbridge, Mr Wong Kan Seng; officials from the city and Yuzhong District governments; and top management from both CapitaLand and Singbridge, Mr Liew Mun Leong, President and CEO of CapitaLand Group said, “Today’s groundbreaking marks a key milestone for CapitaLand. 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.
Mr Liew added that the project is a mark of CapitaLand’s commitment to China and its firm conviction in the country’s continued economic prospects. China is one of its core markets, accounting for 41 per cent of the Group’s total assets.
According to Mr Lim Ming Yan, Chief Operating Officer of CapitaLand Limited, thanks to the support from municipal and district governments, it had taken less than a year to acquire the land, sign the cooperation agreement in the earlier part of the year and break ground for Raffles City Chongqing.
“In tandem with the rapid economic growth of western China, Chongqing has been actively attracting high-end investment projects and investors who will help create a new economic centre upstream of the Yangtze River and generate business opportunities further inland. Raffles City Chongqing is one such project. The Chongqing Municipal Government is pleased to give its full support to Raffles City Chongqing and help its transformation into the city’s new icon,” said Mr Huang Qifan, Mayor of Chongqing.
Moshe Safdie designed Raffles City Chongqing to evoke the image of a powerful sail cutting through strong wind and waves, drawing inspiration from is location by the river
Big on Design
Raffles City Chongqing is designed by internationally acclaimed architect Moshe Safdie who is the man behind world class icons like Marina Bay Sands and the United States Institute of Peace in Washington DC. The newest integrated development in Chongqing will include a five-storey shopping mall; and six towers comprising luxury residences offering waterfront living, Grade A office towers, serviced residences and a hotel with a conservatory hull all in a total construction floor area of over 1.03million square metres.
Not only is it in a prime location, the development will also be integrated with a transport hub which includes a metro station, bus interchange, ferry terminal and cruise centre. In addition, it will be connected to the key districts of Jiangbei and Nan’an via bridges that are expected to be completed next year.
In every city that CapitaLand has presence in, it not only seeks to build for the people there, it also aims to give back to the society. At the ceremony, CapitaLand promised to build yet another CapitaLand Hope School, reiterating its commitment to sustainability through philanthropy, a mission in keeping with its credo of “Building People”. The new school will be in Tucheng Village of Wuxi County, Yuzhong district’s adopted village and will be CapitaLand’s 23rd Hope School built in the country. CapitaLand’s philanthropic arm, CapitaLand Hope Foundation (CHF), supports underprivileged children by giving them shelter, education and healthcare with 0.5 per cent of the Group’s net profits given to it each year. Since 2005, CHF has donated more than S$17 million (HK$105 million) to support underprivileged children across Asia.
With Raffles City Chongqing, CapitaLand is poised to transform the landscape of the city, create a buzz that it has yet experienced and make its biggest contribution to China yet.