Friday, May 18, 2012

Chao Tian Men project progressing as planned: CapitaLand

CapitaLand, Southeast Asia’s largest developer, has announced that its S$4.3 billion Chao Tian Men mixed-use development (pictured) in China is “progressing as planned”.

Developed by a CapitaLand-led consortium, the mega project is located on a prime site in Chongqing. It will comprise a shopping mall and eight towers for hotel, serviced apartment, residential and office uses, and has a gross floor area (GFA) of approximately 817,000 sq m.

CapitaLand’s statement follows the political uncertainty after Bo Xilai was forced to step down in March as Communist Party Chief of Chongqing.

Chinese Vice Premier Zhang Dejiang, who replaced Bo, “expressed support for the project” during his meeting with senior CapitaLand and Singbridge executives on Wednesday.

“CapitaLand is now working closely with the Chongqing government to implement the project,” said the developer.

The Chao Tian Men project is a joint venture (JV) between CapitaLand, CapitaMalls Asia (CMA) and Singbridge Holdings. CapitaLand and CMA hold a 50 percent stake in the project while Singbridge, a wholly-owned unit of Temasek Holdings holds 30 percent. The remaining 20 percent is held by unnamed investors.

View the original article here

Source From Property Guru

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