Frasers Property Jointly Acquires Residential Site Shanghai Rmb8152 Mil

Frasers Property has teamed up with two major Chinese real estate companies to jointly purchase a residential site in the Songjiang District of Shanghai, China. This joint venture, which acquired the site through a tender from the Shanghai Municipal Bureau of Planning and Natural Resources for RMB 815.2 million ($151.9 million), also includes Xiamen ITG Real Estate Group and Shanghai-listed Gemdale Corporation.

In a press release on February 26, Frasers Property announced that the JV partners aim 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 development will feature innovative design elements such as flood mitigation measures, ultra-low energy building designs with efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics.

The project aims to cater to upgraders and first-time homebuyers in Fangsong Community, Songjiang District, a prime residential neighborhood that is also in close proximity to two other projects, Club Tree and Palace of Yunjian, under joint ventures involving Frasers Property and Gemdale Corporation.

“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,” says Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property. The company remains confident in the Chinese market and continues to expand its portfolio in the country through strategic partnerships with established local players.