CapitaLand announces topping out of Raffles City Chongqing; says on track to open by 2H19

CapitaLand announces topping out of Raffles City Chongqing; says on track to open by 2H19

By: 
Michelle Zhu
25/02/19, 07:56 am

SINGAPORE (Feb 25): CapitaLand says it has successfully topped out the eighth and final skyscraper of Raffles City Chongqing as the group enters the final lap of preparation works to open the 1.12 million sq m megastructure in 2H19.

Once completed, the development will bring together 150,000 sq m of Grade ‘A’ office space; about 1,400 residential apartments; Ascott Raffles City Chongqing serviced residence and InterContinental Raffles City Chongqing hotel; and a 235,000 sq m shopping mall.

Anchor tenants committed to date include Chinese electric vehicle (EV) company NIO, bookstore chain Yanjiyou, and fine foods purveyor Ole’.

The group’s topping out of Raffles City Chongqing follows its structural completion of the development’s 250m high sky bridge, The Crystal, which links six of Raffles Chongqing’s eight skyscrapers.

See: CapitaLand says Raffles City Chongqing 80% completed, on track to open in phases from 2Q19

Designed by architect Moshe Safdie and measuring 300m, 32.5m and 26m in length, width and height, respectively, it is the world’s highest sky bridge linking the most number of towers.

In a press release on Monday, the group’s president for China and investment management, Lucas Loh, says the group will now focus on Raffles City Chongqing’s interior and fit-out works, such as transplanting trees to The Crystal sky bridge.

“Positioned as a must-visit destination for local residents as well as domestic and overseas travellers, Raffles City Chongqing has been garnering strong response from our customers. To date, Raffles City Chongqing has launched three residential towers with a total of 772 units, out of which 72% have been sold. The development’s five-storey shopping mall will house some 450 retailers offering a great variety of fashion, dining, lifestyle and entertainment options,” says Loh.

“We will continue to engage homebuyers, retailers and companies who are keen to be a part of this prestigious development,” he adds.  

Shares in CapitaLand closed 4 cents lower at $3.46 on Friday. 

Right timing: STI’s upclimb supported by momentum and moving averages

SINGAPORE (Apr 20): There has been little change in the trend and chart pattern of the Straits Times Index. The index has been on a very glacial ascent towards 3,420, the target indicated when the index broke out of resistance at 3,190 in mid-Jan. Quarterly momentum eased during the past four trading sessions. The 100- and 200-day moving averages have turned positive. This coupled with positively placed DIs and rising ADX should continue to underpin the STI. The only cautionary signals are the somewhat overbought levels of short term stochastics and 21-day RSI, and stagnant vol....
Read More >>

SMI takes legal action against Hyflux; Maybank moves on Tuaspring

(Apr 20): SM Investments (SMI) has terminated its rescue agreement with Hyflux, it announced on Friday. Hyflux, on its part, had already on April 4 terminated the same agreement with SMI. SMI claims it has thus far abided by the agreement. “To clarify, SMI does not accept the purported termination of the Restructuring Agreement by Hyflux on 4 April 2019. This is because the termination was not in accordance with the terms of the Restructuring Agreement," said SMI. Under the agreement reached last October, SMI, led by Indonesian tycoon Anthoni Salim, was to have invested $530 million in....
Read More >>

CCT reports 3.8% higher 1Q DPU of 2.20 cents on higher property contributions

SINGAPORE (April 19): The manager of CapitaLand Commercial Trust (CCT) has reported a 1Q19 distribution per unit (DPU) of 2.20 cents, rising 3.8% y-o-y from 2.12 cents due to higher contributions from Gallileo and Asia Square Tower 2. Gross revenue and net property income (NPI) for the quarter increased by 3.5% and 3.4% to $99.8 million and $79.8 million, respectively. This comes after booking contributions from Gallileo – an office building in Frankfurt, Germany which the trust acquired a 94.9% stake in during June 2018 – as well as higher occupancy at Asia Square Tower 2, both of w....
Read More >>