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GSH joint venture breaks ground for luxury mixed-use project in Chongqing
GSH Properties (Chongqing) Co on Sunday broke ground for the first phase of its luxury residential and hotel project in Chongqing's Bishan district, mainboard-listed property developer GSH Corporation said in a statement on Monday.
GSH Properties (Chongqing) Co is a joint venture 51 per cent owned by GSH Properties (PRC), a wholly-owned subsidiary of GSH Corporation.
Last December, the joint venture was awarded the tender for 270,818 square metres (sq m) of prime land in the Bishan district for over 500 million yuan (S$98.5 million).
The site yields a maximum gross floor area (GFA) of 231,313 sq m, which will be developed into a 300 room hotel with a GFA of 61,777 sq m, and a 1,600 unit residential condominium with a GFA of 169,536 sq m.
The first phase of the project will commence with the development of the hotel, yielding all 300 rooms comprising a GFA of about 42,000 sq m, GSH Corporation said.
Construction of the hotel is slated for completion by end 2022, while construction of the condominium is targeted to commence in early 2023 and complete by end 2024.
GSH executive chairman Sam Goi said the group took possession of the land only in April this year, making the ground-breaking milestone "a significant achievement, considering that we are still in the midst of a global pandemic".
The ceremony was officiated by Chongqing City Deputy Mayor Xiong Xue, party secretary of Bishan district Lan Qinghua, Enterprise Singapore's West China regional group director Kristy Goh, and other company and district officials.
GSH Corporation said its luxury project is the first in the Bishan district. The development will overlook the nearby Yuhu Lake, one of the largest lakes in the area. It is also "strategically located", as Chongqing’s second international airport will be located in the district.