Frasers Property recently announced its partnership with two major Chinese real estate groups in the acquisition of a residential site in Songjiang District, Shanghai. The joint venture (JV) partners secured the site for RMB815.2 million ($151.9 million) in a competitive tender held by the Shanghai Municipal Bureau of Planning and Natural Resources.
The JV partners include Xiamen ITG Real Estate Group, a subsidiary of ITG Holding Group, a state-owned enterprise under the Xiamen Municipal Government, and Shanghai-listed Gemdale Corporation.
As per a press release on Feb 26, the project will see the development of 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 also incorporate flood mitigation designs, ultra-low energy building features, and solar photovoltaics to enhance energy efficiency and sustainability.
The upcoming residential development is targeted towards upgraders and first-time homebuyers in Fangsong Community, Songjiang District. The prime residential neighborhood is in close proximity to two ongoing projects, Club Tree and Palace of Yunjian, under other joint ventures between Frasers Property and Gemdale Corporation.
Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, says, “This joint venture not only strengthens our presence in Shanghai but also reflects our dedication to delivering quality residential developments that cater to the evolving needs of the Chinese community.”
In the same vein, Frasers Property has also recently reported lower earnings for 1HFY2024, mainly due to an impairment in the UK market. However, the company continues to expand its sustainability efforts by partnering with SP Group to install solar panels across its retail and commercial properties, covering close to 4,500 sqm of panel area. The company also stands as the sole consortium of major developers bidding for the master developer site in Jurong Lake District.