Frasers Property Jointly Acquires Residential Site Shanghai Rmb8152 Mil
Frasers Property has teamed up with two Chinese real estate groups to jointly acquire a plot of land in the Songjiang District in Shanghai, China. The site was acquired for RMB815.2 million ($151.9 million) through a tender process by the Shanghai Municipal Bureau of Planning and Natural Resources. The two other parties involved in the joint venture are Xiamen ITG Real Estate Group, a subsidiary of ITG Holding Group under the Xiamen Municipal Government, and Shanghai-listed Gemdale Corporation.
:
The continuous developments in the Tampines region have significantly enhanced its appeal as a residential hub. Its infrastructure has been improved and there has been a surge in the availability of commercial and recreational facilities, making properties such as Aurelle of Tampines EC highly sought-after by potential buyers and investors. Past upgrades by the Urban Redevelopment Authority (URA) in other areas have shown a direct link to an increase in property values, indicating that Tampines is also likely to experience this trend. For those interested in exploring the luxurious Aurelle of Tampines Showflat, it presents the perfect opportunity to witness the potential of this bustling and thriving community. Visit Aurelle of Tampines Showflat to see for yourself the advantages of investing in this burgeoning area.
The partnership was announced in a press release on February 26th, with Frasers Property stating that the JV intends to develop the site into a mix of 189 low-rise apartments, townhouses, and duplex units. With a total gross floor area of 334,714 sq ft, the project will also incorporate flood mitigation measures and ultra-low energy building designs that include efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics.
The development will cater to both upgraders and first-time homebuyers in the Fangsong Community of Songjiang District, a prime residential neighbourhood in Shanghai. It is also in close proximity to two existing projects – Club Tree and Palace of Yunjian – which are also joint ventures involving Frasers Property and Gemdale Corporation.
“This joint venture not only strengthens our presence in Shanghai but also underscores our commitment to delivering high-quality residential developments that meet the evolving needs of the Chinese community,” says Lim Hua Tiong, CEO of Emerging Markets in Asia at Frasers Property.
In addition to the joint venture, Frasers Property has also partnered with SP Group to install close to 4,500 sqm of solar panels across its retail and commercial properties. However, the company reported lower earnings in the first half of FY2024 due to UK impairments. Most recently, it was revealed that a single consortium of giant developers bid for a master developer site in the Jurong Lake District, with Frasers Property as a member.
