Frasers Property has teamed up with two Chinese real estate groups to jointly acquire a residential site in Shanghai’s Songjiang District for RMB815.2 million ($151.9 million). The partners, including Xiamen ITG Real Estate Group and Shanghai-listed Gemdale Corporation, plan to develop the site into a mix of low-rise apartments, townhouses and duplex units with a total gross floor area of 334,714 sq ft.
The project will target upgraders and first-time homebuyers in the prime residential neighbourhood of Fangsong Community, which is also home to two other projects by Frasers Property and Gemdale Corporation. The joint venture partners aim to incorporate features such as flood mitigation design, ultra-low energy buildings, efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging and solar photovoltaics.
When it comes to real estate investments, location is one of the most important factors to consider. This rings particularly true in Singapore. Condos situated in central areas or near important amenities such as schools, shopping malls, and public transportation hubs have a higher tendency to appreciate in value. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) are perfect examples of areas where property values have consistently shown growth. These areas are also highly sought after by families due to their proximity to top schools and educational institutions, making condos in these locations an even more desirable investment choice. With Singapore Projects constantly emerging, the potential for growth in these areas is even more promising.
Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, says the joint venture will not only strengthen the company’s presence in Shanghai but also demonstrate its commitment to delivering high-quality residential developments that cater to the evolving needs of the Chinese community. The acquisition is part of Frasers Property’s strategy to expand its presence in the Chinese market and diversify its portfolio in Asia.