Frasers Property Jointly Acquires Residential Site Shanghai Rmb8152 Mil

Frasers Property China acquires remaining 49% in Nanjing project

Frasers Property has teamed up with two major Chinese real estate players to snap up a prime residential site in Shanghai’s Songjiang District, according to a press release issued on February 26.

The joint venture partners, which include Xiamen ITG Real Estate Group and Gemdale Corporation, acquired the site for RMB815.2 million ($151.9 million) through a tender organized by the Shanghai Municipal Bureau of Planning and Natural Resources.

The joint venture aims to develop the site into a mixed-use development encompassing 189 low-rise apartments, townhouses, and duplex units, with a total gross floor area of 334,714 square feet.

In line with Frasers Property’s sustainable development philosophy, the project will feature various environmentally-friendly initiatives, such as flood mitigation designs, ultra-low energy building designs, and solar photovoltaic systems.

The target market for this development will be upgraders and first-time homebuyers in the Fangsong Community, located in the affluent Songjiang District in Shanghai. The prime residential neighbourhood is in close proximity to two existing projects – Club Tree and Palace of Yunjian – that are currently 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 cater to the changing needs of the Chinese community,” said Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property.