Property developer GSH Corporation has held the ground breaking of the first phase of its luxury residential and hotel project in Chongqing, which overlooks the Yuhu Lake.
GSH Corporation owns 51% of the project via a joint venture. The 270,818 sqm site was awarded in a government tender in December 2019 and GSH took possession of the land only in April 2020.
“We are really pleased that our team was able to do all the collaborative planning, design and coordination that led to this historic ground-breaking. This is really a significant achievement, considering that we are still in the midst of a global pandemic,” says GSH executive chairman Sam Goi.
Besides Goi, the ground-breaking was officiated by Xiong Xue, deputy mayor of Chongqing; Lan Qinghua, party secretary of Bishan District, where the project is sited; Kristy Goh, west China regional group director of Enterprise Singapore.
Costing over RMB500 million, the site yields a maximum gross floor area of 231,313 sqm and will be developed into a luxury hotel (occupying GFA of 61,777 sqm) and 1600-unit residential condominium (GFA of 169,536 sqm).
The first phase of the project will commence with the hotel, yielding some 300 rooms, comprising GFA of about 42,000 sqm.
GSH Corp closed July 27 at 19 cents, down 5%.
