Commuters to enjoy improved transport integration in SengkangHDB to launch 7,000 BTO flats in May 2019
Frasers Property has joined hands with two Chinese real estate firms to jointly acquire a residential site situated within Shanghai’s Songjiang District. According to a press release dated February 26th, the joint venture (JV) paid a tender price of RMB815.2 million or $151.9 million for the site to the Shanghai Municipal Bureau of Planning and Natural Resources. The two other JV partners involved in this acquisition are Xiamen ITG Real Estate Group, which is a wholly-owned subsidiary of ITG Holding Group – a state-owned enterprise operating under the Xiamen Municipal Government – and Shanghai-listed Gemdale Corporation. The mixed-use residential development on the acquired property will feature a variety of low-rise apartments, townhouses, and duplex units, with a total gross floor area of 334,714 square feet. The project will also incorporate flood mitigation designs, ultra-low energy building design elements such as efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics. The primary target market for this development will be upgraders and first-time homebuyers in Fangsong Community, Songjiang District, which is a prime residential neighborhood. The neighborhood also has two existing projects – Club Tree and Palace of Yunjian – under joint ventures involving Frasers Property and Gemdale Corporation. “This partnership not only solidifies our presence in Shanghai but also reflects our commitment to delivering top-quality residential developments that meet the evolving needs of the Chinese community,” said Lim Hua Tiong, CEO of Emerging Markets in Asia at Frasers Property.