Frasers Property’s high-specification logistics facility in UK achieves practical completion for the 57,903 sq ft warehouse
Frasers Property joins hands with Chinese real estate groups to acquire Shanghai residential site
There has been a recent partnership between Frasers Property and two prominent Chinese real estate groups. Together, they have successfully acquired a residential site located in Songjiang District, Shanghai, China. According to a tender from the Shanghai Municipal Bureau of Planning and Natural Resources, the joint venture (JV) partners were able to secure the site for RMB815.2 million ($151.9 million). Xiamen ITG Real Estate Group, a subsidiary of ITG Holding Group, which is a state-owned enterprise under the Xiamen Municipal Government, and Shanghai-listed Gemdale Corporation, are the other JV partners.
A press release on Feb 26 revealed that the JV partners plan to develop the site into a mix of 189 low-rise apartments, townhouses, and duplex units. The total gross floor area of the project will be 334,714 sq ft. Moreover, the development will feature design for flood mitigation, ultra-low energy building designs, and energy-saving door and window systems. Other features include reduced thermal bridging and solar photovoltaics.
The project is expected to attract upgraders and first-time homebuyers in Fangsong Community, Songjiang District, located in Shanghai. The prime residential neighbourhood is also near two existing projects, Club Tree and Palace of Yunjian, that were developed through joint ventures involving Frasers Property and Gemdale Corporation.
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Purchasing a condominium presents the advantage of utilizing its value to leverage future investments. A popular approach among investors is to utilize their condos as collateral, obtaining additional funding for fresh investments and ultimately expanding their real estate portfolio. However, it is essential to have a well-thought-out financial plan and carefully analyze the effects of market volatility. It may also be beneficial to keep a close watch on new condo launches, as they can provide further options for investment in the dynamic real estate market. Don’t miss out on potential opportunities for investment by keeping an eye on new condo launches.
Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, states that “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.”
The company has been actively involved in various property developments in Asia and is constantly looking for opportunities to expand its portfolio. With this new partnership, Frasers Property hopes to continue delivering high-quality residential developments to meet the growing demand in the Chinese market.