Frasers Property has teamed up with two Chinese real estate companies to acquire a residential site in Songjiang District, Shanghai, China. The site was acquired through a tender process by the Shanghai Municipal Bureau of Planning and Natural Resources for RMB815.2 million ($151.9 million).
The joint venture is made up of Frasers Property and two Chinese companies – Xiamen ITG Real Estate Group, a subsidiary of ITG Holding Group under the Xiamen Municipal Government, and Shanghai-listed Gemdale Corporation. A press release on Feb 26 stated that the JV partners plan 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.
Apart from the residential units, the project will also incorporate sustainable design features such as flood mitigation, energy-efficient building designs with thermal insulation, energy-saving doors and windows, reduced thermal bridging, and solar photovoltaics. It is expected to cater to the needs of upgraders and first-time homebuyers in the Fangsong Community of Songjiang District, which is near two existing Frasers-Gemdale projects – Club Tree and Palace of Yunjian.
“We are excited about this joint venture, which strengthens our presence in Shanghai and reflects our commitment to providing high-quality residential developments that cater to the evolving needs of the Chinese community,” comments Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property.