Frasers Property, a leading international real estate company based in Singapore, has recently announced a new joint venture with two Chinese real estate groups to acquire a residential site in Shanghai, China. The site, located in Songjiang District, was acquired through a tender process from the Shanghai Municipal Bureau of Planning and Natural Resources for RMB815.2 million ($151.9 million).
The other partners in the joint venture are Xiamen ITG Real Estate Group, a subsidiary of ITG Holding Group, a state-owned enterprise under the Xiamen Municipal Government, and Shanghai-listed Gemdale Corporation.
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According to a press release on Feb 26, the JV partners plan to develop the site into a mix of 189 low-rise apartments, townhouses, and duplex units, with a total gross floor area of 334,714 sq ft. The project will also incorporate design features such as flood mitigation, ultra-low energy building designs, and solar photovoltaics.
The development is specifically targeted at upgraders and first-time homebuyers in Fangsong Community, Songjiang District. This prime residential neighborhood is also in close proximity to two existing projects – Club Tree and Palace of Yunjian – which are joint ventures between Frasers Property and Gemdale Corporation.
Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, says: “This joint venture not only strengthens our presence in Shanghai but also underscores our commitment to delivering high-quality residential developments that meet the evolving needs of the Chinese community.”
In addition, the project is expected to benefit from its location near a range of amenities and transport options, making it an attractive proposition for potential residents. Frasers Property is confident that this joint venture will further enhance their presence in the Shanghai market while also contributing to the development of the local community.