Main image: The two Chinese real estate groups, Xiamen ITG Real Estate Group and Gemdale Corporation, have partnered with Frasers Property to acquire a residential site in Shanghai, China at the cost of RMB815.2 million ($151.9 million).
Frasers Property has recently announced a partnership with two major Chinese real estate groups for the acquisition of a residential site in Shanghai, China. The joint venture (JV) partners were able to secure the site for RMB815.2 million (approximately $151.9 million) through a successful tender from the Shanghai Municipal Bureau of Planning and Natural Resources.
The other JV partners in this venture include Xiamen ITG Real Estate Group, a subsidiary of ITG Holding Group which is a state-owned enterprise under the Xiamen Municipal Government, as well as Shanghai-listed Gemdale Corporation.
According to a press release on Feb 26, Frasers Property has revealed that the JV partners have plans to develop the site into a mixed-use development consisting of 189 low-rise apartments, townhouses, and duplex units. The project will have a total gross floor area of 334,714 sq ft.
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The development will also feature design elements for flood mitigation and will incorporate ultra-low energy building designs such as efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics.
This development is mainly targeted towards upgraders and first-time homebuyers in the Fangsong Community of Songjiang District, Shanghai. The prime residential neighbourhood is located near two existing projects – Club Tree and Palace of Yunjian – which are also joint ventures between Frasers Property and Gemdale Corporation.
Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, stated that this joint venture is a testament to their commitment to delivering high-quality residential developments in Shanghai. He also added that it strengthens their presence in the city and reaffirms their dedication towards meeting the evolving needs of the Chinese community.
In addition to this project, Frasers Property has also been making headlines for its collaboration with SP Group to install solar panels in its retail and commercial properties, and for its bid for the Jurong Lake District master developer site. However, the company reported lower earnings in the first half of fiscal year 2024 due to a UK impairment.
Ultimately, the partnership between Frasers Property and the two Chinese real estate groups is set to bring about a promising residential development in Shanghai that will cater to the growing demand for high-quality housing in the city.