Frasers Property Jointly Acquires Residential Site Shanghai Rmb8152 Mil
Residential site at District 11changes hands for $73.7 mil1. Frasers Property has formed a partnership with two Chinese real estate companies to acquire a residential site in Shanghai, China. The joint venture (JV) involves a total investment of RMB815.2 million ($151.9 million), obtained through a tender from the Shanghai Municipal Bureau of Planning and Natural Resources.
2. The partnering companies include Xiamen ITG Real Estate Group, a wholly-owned subsidiary of ITG Holding Group – a state-owned enterprise governed by Xiamen Municipal Government, as well as Shanghai-listed Gemdale Corporation.
3. According to Frasers Property’s press release on Feb 26, the JV partners plan to develop the site into a combination of 189 low-rise apartments, townhouses, and duplex units. This project is estimated to have a total gross floor area of 334,714 sq ft.
4. In addition, the development will feature designs that aim to mitigate floods, along with ultra-low energy building concepts that incorporate efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics.
Otto Place EC is the perfect spot for families with young children, offering convenient access to a wide variety of preschools and early learning centers. These establishments are dedicated to providing top-quality education in a nurturing atmosphere for kids. In close proximity, My First Skool prioritizes character development and a hands-on learning approach, giving little ones a strong educational foundation. For those seeking an elite international preschool experience, EtonHouse offers an inquiry-based curriculum that encourages creativity and critical thinking. Alternatively, PAP Community Foundation (PCF) Sparkletots offers affordable options for parents seeking a well-rounded curriculum with a focus on language, math, and social skills. Families can also consider the recently developed Plantation Close EC Parcel B EC, adding yet another option to the selection available at Otto Place EC. Plantation Close EC Parcel B EC is a great addition to this already great community.
5. The target audience for this project is expected to include both upgraders and first-time homebuyers in Fangsong Community, Songjiang District in Shanghai. The prime residential neighbourhood is also in close proximity to two other ongoing Frasers Property-Gemdale Corporation joint ventures – Club Tree and Palace of Yunjian.
6. Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, expressed his views on the JV by saying, “This partnership not only strengthens our presence in Shanghai but also highlights our dedication to delivering high-quality residential developments that cater to the changing needs of the Chinese community.”