SINGAPORE (July 4):  CapitaLand says its construction of Raffles City Chongqing is about 80% completed, with the 1.12 million sq m megastructure on track to open in phases from 2Q next year.

The update comes as part of a progress report to Singapore deputy prime minister (DPM) Teo Chee Hean, who visited the development site today.

As Singapore’s largest single-development in China at about $4.9 billion, Raffles City Chongqing began construction over five years ago and is located on Chaotianmen in Chongqing, China.

The development marks CapitaLand’s eighth Raffles City development in China.

According to the group, it will also boast the world’s highest sky bridge linking the most number of towers, China’s tallest residential tower, and Chongqing’s tallest building.

In all, it occupies 9.2 ha of site area and brings together a 230,000 sq m shopping mall; 160,000 sq m of Grade A office space; 1,400 residential apartments; as well as Ascott Raffles City Chongqing serviced residence and a luxury hotel.

Its total construction floor area amounts to 1.12 million sq m with a gross floor area (excluding car park) of about 817,000 sq m.

Once the Chongqing development is fully completed, CapitaLand estimates its nine Raffles City developments in Singapore and China to span about 4 million sq m worth about $15 million in total.

“We are heartened that the residential component of Raffles City Chongqing has been well received by the market, selling 90% of the 500 apartments launched to date. We look forward to welcoming local and overseas visitors to Raffles City Chongqing when it opens in phases from 2Q next year,” comments Lim Ming Yan, president and group CEO of CapitaLand.

Shares in CapitaLand closed 3 cents lower at $3.13 on Wednesday.