Frasers Property has acquired a residential site in Shanghai for a total consideration of RMB815.2 million ($150.34 million), together with Xiamen ITG Real Estate Group and Gemdale Corporation in a joint venture tender.
The residential site, which is in Fangsong Community, Songjiang District in Shanghai, will be developed into a mix of 189 low-rise apartments, townhouses and duplex units. The total gross floor area amounts to about 31,096 square meters (sqm).
It is located in a residential neighbourhood, near two existing projects by joint ventures involving both Frasers Property and Gemdale Corporation.
“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,” says Lim Hua Tiong, CEO of Emerging Markets, Asia at Frasers Property.
Shares in Frasers Property closed 0.5 cents higher or 0.602% up at 83.5 cents on Feb 26.
