Capital Land consortium to develop mixed-use project in China

A consortium led by CapitaLand, CapitaMalls Asia and Temasek unit Singbridge Holdings has won a tender to develop a mixed-use project at a cost of S$4.1bn ($3.1bn) in Chongqing, China.

The project, designed by Moshe Safdie, will include a shopping mall and eight towers for residential, office and hotel/serviced residence use.

The mixed-use development will also feature a transport hub for a metro station, bus interchange, ferry terminal and cruise centre.

The consortium won a 91,783m² site located in the heart of Yuzhong District in Chongqing for the development in a S$1.28bn ($985.6m) tender from the Chongqing Government.

CapitaLand and CapitaMalls Asia each own 25% of the development, with the remaining 50% owned by Singbridge.

The project is expected to be completed in five years.