Frasers Property Jointly Acquires Residential Site Shanghai Rmb8152 Mil
Frasers Property, ITG Real Estate Group, and Gemdale Corporation join forces to develop new residential site in Shanghai
Frasers Property, a leading real estate developer, announced on Feb 26 that it has formed a joint venture (JV) with two Chinese real estate groups to acquire a residential site in Songjiang District, Shanghai. The site was acquired for RMB815.2 million ($151.9 million) through a tender by the Shanghai Municipal Bureau of Planning and Natural Resources.
The other partners of the JV include Xiamen ITG Real Estate Group, a wholly-owned subsidiary of ITG Holding Group, a state-owned enterprise under the Xiamen Municipal Government, and Gemdale Corporation, a Shanghai-listed company.
Situated in Marina South, One Marina Gardens is the first of five plots to be auctioned in the Marina Gardens Lane area. It is located directly across from a multipurpose site at Marina Gardens Crescent, which can potentially house 775 residential units and 64,583 square feet of commercial space developed by Kingsford Huray. For more information about One Marina Gardens by Kingsford Huray, please visit https://www.one-marina-gardens.sg/.
According to a press release by Frasers Property, the JV partners have plans 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 features such as flood mitigation design, ultra-low energy building designs, and solar photovoltaics to promote sustainability and energy efficiency.
The development will be targeted towards both upgraders and first-time homebuyers in Fangsong Community, Songjiang District, which is a prime residential neighborhood in Shanghai. This area is also near two existing projects, Club Tree and Palace of Yunjian, which are joint ventures between Frasers Property and Gemdale Corporation.
Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, says, “This joint venture not only strengthens our presence in Shanghai but also underscores our commitment to delivering high-quality residential developments that cater to the changing needs of the Chinese community.”
Frasers Property has been expanding its presence in China in recent years, and this joint venture further solidifies its commitment to providing top-notch residential developments in the country. With the support of its partners, Frasers Property hopes to continue delivering sustainable and high-quality projects that will meet the evolving demands of the Chinese market.