Frasers Property and partners acquire residential site in Shanghai for 815.2 million yuan

FRASERS Property , together with two Chinese developers, has acquired a prime residential site in Shanghai for 815.2 million yuan (S$151.9 million).

The joint venture is looking to develop the new site into a mix of 189 low-rise apartments, townhouses and duplex units, it said on Wednesday (Feb 26). 

It partnered Gemdale Corporation and Xiamen ITG Real Estate Group for the project.

The bid was 13.98 per cent above the reserve price.

Lim Hua Tiong, the group’s chief executive officer of emerging markets, Asia, said: “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 site, which targets upgraders and first-time homebuyers, is located near two existing projects by joint ventures involving both Frasers Property and Gemdale Corporation – Club Tree and Palace of Yunjian. 

The development will incorporate features such as a sponge-city design for flood mitigation, ultra-low energy building designs for efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging and solar photovoltaics, the group said. 

Last week, a unit of property developer UOL Group, together with an industry partner, announced it won a nine billion yuan tender for a residential site in the Hongkou district of Shanghai.

CDL announced last November that it acquired a 51 per cent stake in a Shanghai mixed-used site for 4.6 billion yuan for a mixed-use development site in the Xintiandi area of Shanghai’s Huangpu district.

SEE ALSO

UOL unit, partner win tender for residential site in Shanghai

Shares of Frasers Property closed 0.6 per cent or S$0.005 higher at S$0.835 on Wednesday.