CHONGQING — One could be forgiven for mistaking Chongqing’s latest skyscraper complex for Singapore’s best known landmark, and it’s no wonder they look so alike — the two structures share the same architect, Moshe Safdie.
In the second half of this year, the southwestern Chinese city is set to welcome the integrated megastructure comprising retail, office and residential components from the Singaporean-headquartered real estate developer Capitaland Group.
The complex shares a similar silhouette to Marina Bay Sands in Singapore with multiple towers linked near the structures’ top. It was “inspired by the historic images of great Chinese sailing vessels and pays tribute to Chongqing’s noble past as a trading center,” the firm said.
In total, Raffles City Chongqing will be comprised of eight skyscrapers. Perched on the bend of the Yangtze River, two of these are 1,100-foot-high skyscrapers. The other six skyscrapers are about 820 feet tall each. An enclosed sky bridge, called The Crystal, nestled above four of the 820-foot-tall skyscrapers will link two adjacent skyscrapers by cantilevered bridges.
The project spans 3.9 million square feet, 780,000 square feet of that in the shopping mall, and 493,000 square feet of office space. The rest is devoted to about 1,400 residential apartments, an Ascott Raffles City Chongqing serviced residence and InterContinental Raffles City Chongqing hotel.
While superlative in several ways, the property will be entering a competitive market.
Retail supply risk in Chongqing is the highest in China, according to CBRE’s 2019 real estate market outlook report, where around 2.9 million square feet of new supply is due for completion in what is already “a fiercely competitive and challenging market.”
Chongqing, a directly controlled municipality, is home to 30 million people, about 10 million of whom live in the city proper.
Capitaland Group is one of Asia’s largest real estate developers with a mall portfolio across Singapore, China, Malaysia, Indonesia and Vietnam.