GuocoLand broke ground on the first phase of its large-scale, mixed-use development, Chongqing 18 Steps, located in the Yuzhong District of Chongqing, China, the property developer said in a filing to SGX Wednesday.
“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,” Raymond Choong, GuocoLand’s group president and CEO, said in the statement.
The property developer said it holds 75 percent of the project, while Hong Leong Holdings (China) owns the remainder.
The residential and commercial project’s total development cost is estimated at about 7.5 billion yuan, including land cost.
The project’s first phase includes 1,000 luxury apartments in five high-rise residential towers, with the higher floors offering views of the Yangtze River, according to the company. Construction of the residences is expected to be finished in 2023.
Chongqing 18 Steps will also have retail podiums and two conserved buildings, which will be restored for commercial and educational use, the filing said.