Frasers Property has joined forces with Xiamen ITG Real Estate and Gemdale Corporation to jointly acquire and develop a residential site in Fangsong Community, in the Songjiang District of Shanghai, China.
The joint venture (JV) purchased the site from the Shanghai Municipal Bureau of Planning and Natural Resources for RMB815.2m (€106.6m).
The site, which targets first-time homebuyers and those seeking to upgrade, is located in a prime residential neighbourhood and is near two existing projects by joint ventures involving both Frasers Property and Gemdale Corporation – Club Tree and Palace of Yunjian.
This new residential site is expected to be developed into a mix of 189 low-rise apartments, townhouses and duplex units amounting to a total gross floor area of 31,096sqm.
Xiamen ITG Real Estate Group is a subsidiary of ITG Holding Group, a state-owned enterprise under the Xiamen Municipal Government.
Frasers Property’s other partner in the venture, Gemdale Corporation, is listed on the Shanghai Stock Exchange and has been Frasers Property’s strategic and long-term partner in development projects in China.
Lim Hua Tiong, chief executive officer of emerging markets, Asia at Frasers Property, said: “We are pleased to collaborate with long-time partner Gemdale Corporation and Xiamen ITG Real Estate Group on this exciting project within Fangsong Community of Shanghai’s Songjiang District.
“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.”
This joint venture aligns with Frasers Property’s strategy to create value through strategic partnerships, enhancing its portfolio and market presence in China.
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