CapitaLand / CMA: the joint tender by CAPL, CMA and Singbridge for the Chao Tian Men Site has been accepted by the Chongqing govt, and awarded at the tender price of Rmb 6.4b (~S$1.3b). The site has a land area of ~91.8k sm, with total gfa of abt 817k sm. The JV intends to develop the site into a landmark mixed devt designed by renowned architect Moshe Safdie, which will include a shopping mall and 8 towers for residential, office and hotel/ services residence use. Including land cost, the total devt cost of the project is expected to be ~Rmb 21.1b (~S$4.1b). The project will be funded through a mix of debt and equity.
CAPL and CMA each own 25% effective stake in the devt, Singbridge owns 30% and the remaining 20% will be held by unrelated parties.
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