Frasers Property, in collaboration with two prominent Chinese real estate groups, has successfully acquired a prime residential site in Songjiang District, Shanghai. The joint venture (JV) partners secured the site for RMB815.2 million ($151.9 million) through a competitive tender process organized by the Shanghai Municipal Bureau of Planning and Natural Resources.
The JV partners, which include Xiamen ITG Real Estate Group and Shanghai-listed Gemdale Corporation, plan to develop the site into a diverse mix of 189 low-rise apartments, townhouses, and duplex units. The project will have a total gross floor area of 334,714 sq ft, according to a press release on Feb 26.
In addition to providing desirable living spaces, the project will incorporate innovative design elements such as flood mitigation measures, ultra-low energy building designs, and solar photovoltaics. This eco-friendly approach, which includes energy-efficient thermal insulation, door and window systems, and reduced thermal bridging, demonstrates the commitment of the JV partners towards sustainable development.
The development is set to cater to the needs of upgraders and first-time homebuyers in the sought-after Fangsong Community, located in the affluent Songjiang District. This prime residential neighborhood is adjacent to two existing successful projects, Club Tree and Palace of Yunjian, which were joint ventures between Frasers Property and Gemdale Corporation.
Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, affirms that this JV partnership strengthens the company’s foothold in Shanghai while reflecting their dedication to delivering high-quality residential developments that cater to the evolving needs of the Chinese community.
In related news, Frasers Property recently reported a decline in earnings during the first half of FY2024 due to UK impairment. The company also collaborated with SP Group to install solar panels across its retail and commercial properties, showing its commitment to sustainable practices. Additionally, the company submitted a bid for the master developer site in Jurong Lake District as the sole consortium of giant developers.