GUOCOLAND has broken ground for the first phase of its RMB 7.5 billion yuan 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 spanning 341,000 square metres . GuocoLand owns a 75 per cent stake in the development while Hong Leong Holdings 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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