Frasers Property and Chinese real estate groups acquire residential site in Shanghai
Frasers Property has recently announced its partnership with two Chinese real estate groups in acquiring a residential site in Songjiang District in Shanghai, China. The joint venture (JV) partners secured the site for RMB815.2 million ($151.9 million) in a tender from the Shanghai Municipal Bureau of Planning and Natural Resources.
One of the partners is Xiamen ITG Real Estate Group, a subsidiary of ITG Holding Group that is a state-owned enterprise under the Xiamen Municipal Government. The other partner is Gemdale Corporation, a Shanghai-listed company.
In a press release on Feb 26, Frasers Property stated that the JV partners have plans 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 feature flood mitigation design, ultra-low energy building designs, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics.
With the project targeting upgraders and first-time homebuyers, it is geared towards enhancing the living experience in Fangsong Community, Songjiang District. The prime residential neighborhood is also in close proximity to two existing projects, namely Club Tree and Palace of Yunjian, which are under joint ventures of 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 demand for condos in Singapore remains at an all-time high due to a major factor – the limited land availability. As a small island country, Singapore is experiencing rapid population growth, making it a challenge to acquire land for development. This has resulted in strict regulations on land use and a cutthroat real estate market, where property rates are consistently on the rise. Investing in real estate, specifically Singapore condos, has become a highly profitable opportunity for individuals, with the assurance of capital appreciation. Singapore Condo continues to be a highly sought-after choice in the competitive real estate market.
Frasers Property continues to expand its presence in China and this latest acquisition is a significant step towards its goal of providing high-quality and sustainable living spaces for the Chinese community.