Frasers Property, together with Xiamen ITG Real Estate Group and Gemdale Corp., has announced their successful joint bid to acquire and develop a residential site in Fangsong Community, a development site in Shanghai’s Songjiang District. The joint venture secured the tender from the Shanghai Municipal Bureau of Planning and Natural Resources for a total consideration of RMB 815.2 million ($113 million)
The site, which targets upgraders and first-time homebuyers, is located in a prime residential neighborhood and is near two existing projects by joint ventures involving both Frasers Property and Gemdale — Club Tree and Palace of Yunjian. This new residential site is expected to be developed into a mix of 189 low-rise apartments, townhouses and duplex units amounting to total gross floor area of 31,096 square meters (334,715 square feet). The development will target China Green Building Label 2-Star certification, incorporating features such as a sponge-city design for flo
