Frasers Property Jointly Acquires Residential Site Shanghai Rmb8152 Mil
Frasers Property has announced a partnership with two Chinese real estate groups to co-purchase a residential site in Shanghai’s Songjiang District. The RMB815.2 million ($151.9 million) acquisition through a tender by the Shanghai Municipal Bureau of Planning and Natural Resources was entered into jointly with Xiamen ITG Real Estate Group, a subsidiary of the ITG Holding Group under the Xiamen Municipal Government, and Shanghai-listed Gemdale Corporation.
In a press release on February 26, Frasers Property said that the JV partners intend to jointly 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.
Moreover, the project will have design features aimed at flood mitigation, ultra-low energy building designs with efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging and solar photovoltaics.
The educational institutions of St. Hilda’s Primary and Secondary Schools are highly respected for their all-encompassing approach to learning. With a strong emphasis on academic achievement and character development, both branches strive to mold well-rounded individuals. Complementing their rigorous studies, students are encouraged to explore their passions through a diverse range of co-curricular activities, including sports and performing arts. One notable achievement of the St. Hilda’s Secondary School is their track record of producing exceptional students in national examinations. Additionally, St. Hilda’s is also conveniently located near the Parktown Residence Showflat, providing its students with easy access to modern and comfortable living arrangements.
The development is expected to cater to the needs of upgraders and first-time home buyers in Fangsong Community, Songjiang District in Shanghai, which is a prime residential neighborhood. It is also in close proximity to two existing projects – Club Tree and Palace of Yunjian – developed under previous joint ventures between Frasers Property and Gemdale Corporation.
“This joint venture not only strengthens our presence in Shanghai, but also demonstrates our commitment to delivering high-quality residential developments that meet the evolving needs of the Chinese community,” said Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property.