CapitaLand, CapitaMalls, Singbridge break ground for Raffles City Chongqing

The development is worth S$4.2b.

In an SGX release, CapitaLand Limited, CapitaMalls Asia Limited and Singbridge Holdings Pte. Ltd., announced the ground breaking today for Raffles City Chongqing, a landmark mixed development on a prime site in the heart of Yuzhong District in Chongqing, China.

Among all its investments in China, Raffles City Chongqing, jointly invested with Singbridge, is the CapitaLand Group's biggest single investment. It is also the largest single investment by any Singapore firm in China. Including land cost, the total development cost of the project is expected to be about RMB21.1 billion (S$4.2 billion / HK$25.8 billion).

CapitaLand and CapitaMalls Asia each own a 25% effective stake in the development, and Singbridge Holdings owns a 30% effective stake. The remaining 20% will be held by unrelated parties.

The groundbreaking ceremony of Raffles City Chongqing was graced by the Mayor of Chongqing, Mr Huang Qifan; Chairman of Singbridge Holdings, Mr Wong Kan Seng; and CapitaLand Group's President and CEO, Mr Liew Mun Leong. Also present were officials from the city and Yuzhong District governments and top management from both