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GuocoLand breaks ground for Chongqing 18 Steps project

GUOCOLAND has broken ground for the first phase of its RMB 7.5 billion yuan (S$1.45 billion) mixed-use development, Chongqing 18 Steps project, located in the Yuzhong District of Chongqing, China.

Chongqing 18 Steps comprises residential and commercial components with a total gross floor area (GFA) spanning 341,000 square metres (sq m). GuocoLand owns a 75 per cent stake in the development while Hong Leong Holdings (China) holds the remaining 25 per cent.

The groundbreaking ceremony was attended by Huang Yulin, Chongqing Yuzhong District Committee Secretary. Also present were officials from the Yuzhong District government, GuocoLand’s board of directors, as well as GuocoLand's senior management.

Raymond Choong, GuocoLand group president and chief executive officer, said: “This development is not only GuocoLand’s first project in Chongqing, it is also our largest development in terms of gross floor area and one of the largest investments we have made in China in recent years. Chongqing is a new market for GuocoLand and we remain committed to China, which is one of our core markets.”

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Situated in a prime location right next to the Jiefangbei (Liberation Square) Central Business District, the first phase of the Chongqing 18 Steps project features over 1,000 luxurious modern apartments in five high-rise residential towers, with the tallest reaching a maximum height of 193 metres. Construction of the residences is expected to complete in 2023.

The Chongqing 18 Steps project will also include integrated retail podiums that will offer lifestyle and dining options to residents, as well as two conserved buildings that are being restored and converted for commercial and educational use.