Following the success of their joint venture projects, Frasers Property has once again teamed up with two Chinese real estate groups to acquire a residential site in Shanghai, China. The site was obtained through a RMB815.2 million ($151.9 million) tender from the Shanghai Municipal Bureau of Planning and Natural Resources. This partnership involves state-owned enterprises, Xiamen ITG Real Estate Group, a subsidiary of ITG Holding Group, and Shanghai-listed Gemdale Corporation.
The joint venture plans to develop the site into a mixed-use project with 189 low-rise apartments, townhouses, and duplex units, spanning a total gross floor area of 334,714 sq ft. The development will also feature design for flood mitigation and energy-efficient building components such as thermal insulation, energy-saving doors and windows, and solar photovoltaics.
Targeting both upgraders and first-time homebuyers, the project will be situated in Fangsong Community, Songjiang District, a prime residential neighbourhood near two existing joint venture projects between Frasers Property and Gemdale Corporation — Club Tree and Palace of Yunjian.
“We are excited to expand our presence in Shanghai and deliver high-quality residential developments that cater to the evolving needs of the Chinese community,” says Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property.
This partnership further solidifies the success of previous joint venture projects between Frasers Property and Chinese real estate groups, showcasing their commitment to developing quality properties in the region.