CapitaLand China says it has bought the first prime commercial site in Chengdu City in China’s Sichuan Province for S$174 million.The developer plans to build an integrated development on the site and name it Raffles City Chengdu.
The complex will have an office tower with 78,000 square metres of Grade A office space.
There will also be a retail mall spanning 83,000 square metres, and either a five-star hotel or serviced residence with some 880 rooms.
The site, which formerly housed the Sichuan Museum, is located in the heart of Chengdu’s bustling city centre.
The area is home to offices, high-end residences, high-tech retail shops, and dining and entertainment establishments.
Development is expected to be completed by 2010.
Mr Liew Mun Leong, President and CEO of CapitaLand Group, said: “The site is ideal for an integrated development with a ‘Raffles City’ brand, given its strategic location in a commercially mature environment and convenient linkway to a subway interchange.
“The proposed Chengdu development will be the latest addition to CapitaLand’s series of distinguished buildings across key gateway cities in Asia, bearing the ‘Raffles City’ brand.”
Source: Channel NewsAsia, 29 November 2006