CapitaLand to build Raffles City Shenzhen

Developer's sixth project in China eyed to be a one-stop dining, shopping and lifestyle destination.

CapitaLand will build its first Raffles City integrated development in Shenzhen. Named Raffles City Shenzhen, it is located in the commercial district of Shenzhen City's Nanshan District. Raffles City Shenzhen will be a one-stop dining, shopping and lifestyle destination. With this latest addition, CapitaLand’s ‘Raffles City’ branded portfolio now totals eight properties internationally, with six across China, one in Singapore and another in Bahrain.

Raffles City Shenzhen, designed by international architectural and design firm Benoy, is an integrated development that will comprise a Grade A office tower, a shopping mall, and a hotel or serviced residence component. Raffles City Shenzhen enjoys high transportation connectivity and is located within close proximity to the subway stations, according to a CapitaLand report.

Raffles City Shenzhen is situated on a site that was acquired by CapitaLand in 2008. The site is one of the largest commercial sites in Shenzhen, at 53,725 square metres in size and with a gross floor area of 237,500 square metres. In addition to the Raffles City Shenzhen complex, CapitaLand will also be developing for strata sale an office tower, residential apartments, small-office-home-office (SOHO) units, and retail space. The entire project, comprising Raffles City Shenzhen and the strata-sale components, is estimated to have a project development estimate (PDE) of approximately RMB 6 billion (S$1.25 billion). Planning and development works for the entire development are underway and it is slated to be completed in phases from 2014.

CapitaLand is the major shareholder and lead development manager with a 58.3% stake in the project. The balance stake is held by other parties unrelated to CapitaLand.