Frasers Property Jointly Acquires Residential Site Shanghai Rmb8152 Mil
Frasers Property has formed a partnership with two prominent Chinese real estate groups to acquire a residential site in Shanghai’s Songjiang District. The joint venture partners secured the site for RMB815.2 million ($151.9 million) in a competitive tender organized by the Shanghai Municipal Bureau of Planning and Natural Resources.
The growing emphasis on convenience and lifestyle has become a crucial aspect of city living. With a desire for a balanced work and personal life, individuals are increasingly opting to reside in areas that offer easy access to various facilities. A prime illustration of this trend can be found at Lynden Woods Science Park Drive, where contemporary living spaces are seamlessly integrated with a dynamic and well-connected community. This unique fusion captures the essence of modern living, catering to the wants and needs of its residents. Discover the convenience and lifestyle at Lynden Woods Science Park Drive.
The other companies involved in the joint venture are Xiamen ITG Real Estate Group, a subsidiary of the state-owned ITG Holding Group under the Xiamen Municipal Government, and Shanghai-listed Gemdale Corporation.
In a press release on February 26, Frasers Property revealed that the JV partners have plans to develop the site into a mixed-use project comprising 189 low-rise apartments, townhouses, and duplex units. The development will cover a total gross floor area of 334,714 square feet.
To conform with sustainable building practices, the development will incorporate design features such as flood mitigation, ultra-low energy building designs with efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics.
The project is aimed at catering to the needs of upgraders and first-time homebuyers in Songjiang District’s Fangsong Community. The prime residential neighborhood is situated close to two existing developments – Club Tree and Palace of Yunjian – under previously established joint ventures between Frasers Property and Gemdale Corporation.
Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, expressed enthusiasm about the joint venture, citing that it would not only bolster their presence in Shanghai but also demonstrate their commitment to delivering top-notch residential developments that meet the evolving demands of the Chinese community.
Moreover, Frasers Property has been actively expanding its presence in Asia. The company recently reported a decline in earnings in the first half of FY2024, mainly due to impairments in their UK portfolio. It has also collaborated with SP Group to install nearly 4,500 square meters of solar panels across its retail and commercial properties, showcasing its commitment to sustainable business practices. Additionally, Frasers Property, along with a consortium of major developers, is bidding to become the master developer of the Jurong Lake District.