CapitaLand optimistic about long-term potential of Chongqing property market
- POSTED: 30 Jul 2014 21:00
- UPDATED: 30 Jul 2014 23:49
China's property market may be cooling, but Singapore real estate giant CapitaLand remains confident about its biggest investment in the country, which is in the southwestern city of Chongqing.
CHONGQING: Deputy Prime Minister Teo Chee Hean on Wednesday (July 30) led a Singapore delegation on a visit to the future Raffles City Chongqing work site. He is in Chongqing on the third day of an official trip to China.
The US$3.4 billion (S$4.3 billion) future Raffles City Chongqing is designed by Moshe Safdie, the world-renowned architect behind the Marina Bay Sands in Singapore.
Apart from a mall, offices and residences, it will also be a transport hub, with a ferry terminal, cruise centre, metro and bus stations when completed in 2018.
Chongqing is one of China's mega-cities, and an industrial and commercial base with a population of 31 million.
CapitaLand China CEO Jason Leow said he believes in the long-term potential of the Chongqing property market. “Chongqing is now putting a lot of infrastructure in place, whether it's the new airport, new ports, new bridges, you’re seeing a lot of construction activities everywher. With the 'go west' policy by the Chinese government, we expect a lot of economic activities to drive Chongqing,” he said.
Also with Mr Teo is Social and Family Development Minister Chan Chun Sing. The delegation also visited the Chongqing Planning Exhibition Gallery and the Liangjiang New Area to learn more about the city's urban and infrastructural development.