Frasers Property unveils new residential and commercial projects in Vietnam
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Frasers Property has announced that it has formed a joint venture (JV) with two Chinese real estate groups to acquire a residential site in Shanghai, China. The site was acquired for RMB815.2 million ($151.9 million) through a tender by the Shanghai Municipal Bureau of Planning and Natural Resources. The JV partners include Xiamen ITG Real Estate Group and Shanghai-listed Gemdale Corporation.
According to a press release on February 26, the JV partners are planning to develop the site into a mix of 189 low-rise apartments, townhouses, and duplex units, with a total gross floor area of 334,714 square feet. The project will also incorporate design elements for flood mitigation and ultra-low energy building designs, including efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics.
The development is expected to target upgraders and first-time homebuyers in the Fangsong Community of Songjiang District in Shanghai. This prime residential neighborhood is also located near two existing projects – Club Tree and Palace of Yunjian – that are joint ventures between Frasers Property and Gemdale Corporation.
“We are excited to partner with Xiamen ITG Real Estate Group and Gemdale Corporation in this joint venture, which 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,” says Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property.