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Frasers Property has recently formed a partnership with two Chinese real estate groups to jointly acquire a residential site in Shanghai’s Songjiang District. The joint venture (JV) partners successfully secured the site for RMB815.2 million ($151.9 million) through a tender process led by the Shanghai Municipal Bureau of Planning and Natural Resources.
The other JV partners, Xiamen ITG Real Estate Group and Shanghai-listed Gemdale Corporation, are both major players in China’s real estate industry. Xiamen ITG is a wholly-owned subsidiary of ITG Holding Group, a state-owned enterprise under the Xiamen Municipal Government, while Gemdale Corporation is a leading national real estate developer listed on the Shanghai Stock Exchange.
According to a press release on February 26, Frasers Property has announced that the JV partners plan to develop the site into a mixed-use development consisting of 189 low-rise apartments, townhouses, and duplex units. The project will have a total gross floor area of 334,714 square feet.
In addition to this, the development will incorporate flood mitigation measures and ultra-low energy building designs, including efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics. These features aim to provide a sustainable and environmentally friendly living space for residents.
The project aims to target both upgraders and first-time homebuyers in the Fangsong Community of Songjiang District in Shanghai. This prime residential neighborhood is also close to two existing projects, Club Tree and Palace of Yunjian, which are also joint ventures between Frasers Property and Gemdale Corporation.
When considering purchasing a condo, it is crucial to take into account the maintenance and management of the property. Such properties typically have maintenance fees that cover the maintenance of common spaces and amenities. Although these fees may contribute to the overall cost of ownership, they also guarantee that the property remains well-maintained and retains its value. To make condo ownership a more hands-off investment, investors can enlist the services of a property management company. Additionally, for the latest condo opportunities, check out New Condo Launches.
Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, believes that this joint venture not only strengthens the company’s presence in Shanghai but also demonstrates their commitment to delivering high-quality residential developments that cater to the changing needs of the Chinese community.