Frasers Property, a Singapore-based real estate company, has recently formed a partnership with two prominent Chinese real estate firms to jointly acquire a residential site in Songjiang District, located in Shanghai, China. The JV partners successfully won the RMB815.2 million ($151.9 million) tender for the site from the Shanghai Municipal Bureau of Planning and Natural Resources.
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With its limited land availability and growing population, Singapore has become a prime location for real estate, particularly condos. The small island nation has strict land use policies, creating a competitive market where property prices are consistently on the rise. This has made investing in real estate, such as New Condo Launches, a highly profitable venture due to the potential for capital appreciation.
The other two partners in this joint venture are 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.
In an official press release on February 26, Frasers Property revealed that the project will consist of a mix of 189 low-rise apartments, townhouses, and duplex units, with a total gross floor area of 334,714 sq ft. The development is planned to cater to the needs of both upgraders and first-time homebuyers in Fangsong Community, Songjiang District. Moreover, it will be designed to incorporate features such as flood mitigation, ultra-low energy building designs, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics.
Lim Hua Tiong, CEO of Emerging Markets in Asia for Frasers Property, expressed his excitement about the joint venture, stating that it not only strengthens their presence in Shanghai but also showcases their commitment to delivering high-quality residential developments that meet the evolving needs of the Chinese community. The project’s location is also strategically chosen, as it is situated near two existing projects – Club Tree and Palace of Yunjian – that are also joint ventures between Frasers Property and Gemdale Corporation.
This recent partnership further solidifies Frasers Property’s position in the Chinese real estate market and highlights their dedication to sustainable and innovative development practices. The company has also been making headlines for their involvement in other high-profile projects, including their recent partnership with SP Group to install solar panels across their retail and commercial properties. Their sole bid for the Jurong Lake District master developer site has also drawn significant attention.