Rewritten:Frasers Property has recently announced a partnership with two major Chinese real estate groups to acquire a residential site in Songjiang District, Shanghai. The acquisition was made through a tender from the Shanghai Municipal Bureau of Planning and Natural Resources for a sum of RMB815.2 million ($151.9 million). The project is a joint venture (JV) between Frasers Property, Xiamen ITG Real Estate Group, and Shanghai-listed Gemdale Corporation.
According to the press release on February 26, Frasers Property reveals that 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 adopt design measures to mitigate flooding and promote energy efficiency, such as efficient thermal insulation, energy-saving door and window systems, and solar photovoltaics.
The project is expected to target potential buyers in the Fangsong Community, Songjiang District, including upgraders and first-time homebuyers. The prime residential neighbourhood is also strategically located near two existing projects, Club Tree and Palace of Yunjian, which are joint ventures between Frasers Property and Gemdale Corporation.
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Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, states that the joint venture not only strengthens the company’s presence in Shanghai, but also demonstrates their commitment to delivering high-quality residential developments that cater to the evolving needs of the Chinese community.