Located in a prime location next to the Jiefangbei (Liberation Square) Central Business District, Chongqing 18 Steps’ first phase features more than 1,000 luxurious modern apartments.
GuocoLand has broken ground for the first phase of its mixed-use development project within the Yuzhong District of Chongqing, China.
Dubbed Chongqing 18 Steps, the RMB7.5 billion (S$1.45 billion) project comprises residential and commercial components and has a total gross floor area of around 341,000 sq m.
GuocoLand owns a 75 percent stake in the development, while the remaining 25 percent is owned by Hong Leong Holdings (China).
The groundbreaking ceremony was attended by Chongqing Yuzhong District Committee Secretary Huang Yulin as well as officials from Yuzhong District government. Also present were GuocoLand’s board of directors and senior management.
Located in a prime location next to the Jiefangbei (Liberation Square) Central Business District, Chongqing 18 Steps’ first phase features more than 1,000 luxurious modern apartments spread across five high-rise residential towers, the tallest of which has a maximum height of 193 metres. GuocoLand expects the residences to be completed by 2023.
The large-scale mixed-use development will also include integrated retail podiums that offer lifestyle and dining options to residents as well as two conserved buildings which are being restored and converted for educational and commercial use.
“This development is not only GuocoLand’s first project in Chongqing, it is also our largest development in terms of gross floor area and one of the largest investments we have made in China in recent years,” said GuocoLand group president and chief executive officer Raymond Choong.
“Chongqing is a new market for GuocoLand and we remain committed to China, which is one of our core markets. Our investment reflects our conviction in China’s continued economic prospects and we will continue to seek opportunities to build scale and deepen our presence in China.”
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org