Frasers Property has collaborated with two leading Chinese real estate companies to jointly acquire a coveted residential site located in Shanghai’s affluent Songjiang District. The joint venture (JV) partners acquired the site, which was put up for tender by Shanghai Municipal Bureau of Planning and Natural Resources, for RMB815.2 million ($151.9 million). The other JV partners are Xiamen ITG Real Estate Group, a subsidiary of ITG Holding Group under the Xiamen Municipal Government, and Shanghai-listed Gemdale Corporation.
According to a press release dated February 26, Frasers Property has disclosed that the JV partners plan to develop the site into a mixed-use development consisting of 189 low-rise apartments, townhouses, and duplex units. The project will boast a total gross floor area of 334,714 sq ft.
Moreover, the development will be designed to include flood mitigation measures, ultra-low energy building designs, and sustainable features such as efficient thermal insulation, energy-saving door and window systems, and solar photovoltaics. Targeting upgraders and first-time homebuyers in Fangsong Community, Songjiang District, the project is located near two existing developments – Club Tree and Palace of Yunjian – which are joint ventures between Frasers Property and Gemdale Corporation.
“This joint venture not only reinforces our presence in Shanghai but also demonstrates our commitment to delivering high-quality residential developments that cater to the changing needs of the Chinese community,” says Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property.