SINGAPORE (EDGEPROP) – Frasers Property has teamed up with two Chinese real estate groups, Xiamen ITG Real Estate Group and Gemdale Corporation, to jointly acquire a residential site in Songjiang District in Shanghai, China. The joint venture (JV) partners successfully bid for the site for RMB815.2 million ($151.9 million) in a tender conducted by the Shanghai Municipal Bureau of Planning and Natural Resources.The acquisition underscores Frasers Property’s commitment to expanding its presence in Shanghai and delivering high-quality residential developments that meet the evolving needs of the local community. According to a press release on Feb 26, Frasers Property has announced that the JV partners plan 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 sq ft. The development is expected to target upgraders and first-time homebuyers in Fangsong Community, Songjiang District, Shanghai.Situated in a prime residential neighbourhood, the project is also close to two ongoing projects – Club Tree and Palace of Yunjian – that are being jointly developed by Frasers Property and Gemdale Corporation. These developments have attracted high levels of interest and have contributed positively to the strong growth of the residential market in the surrounding area.According to Lim Hua Tiong, CEO of the emerging markets in Asia for Frasers Property, the joint venture not only bolsters the company’s presence in Shanghai but also highlights its commitment to developing high-quality residential properties that cater to the evolving needs of the Chinese community.Frasers Property and its JV partners plan to incorporate several green features into the new development, including flood mitigation design, ultra-low energy building designs with efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics. These features will not only enhance the living experience of future residents but also contribute to the sustainability of the development and the wider community.
Having a clear understanding of the rules and regulations pertaining to property ownership in Singapore is essential for international investors. While the acquisition of condominiums may be relatively smooth for foreigners, the same cannot be said for landed properties due to stricter ownership regulations. Moreover, foreign buyers are required to pay a 20% Additional Buyer’s Stamp Duty (ABSD) for their first property purchase. Nevertheless, the stability and potential growth of the Singapore real estate market continue to attract foreign investment. This is evident in the numerous new condo launches specifically targeting foreign buyers to invest in Singapore’s property market. It is not uncommon to see constant new condo launches taking place, indicating the enduring appeal of Singapore’s real estate sector to international investors. To explore more opportunities in investing in Singapore’s property market, interested parties may visit New Condo Launches.
Singapore-based Frasers Property has announced a new joint venture (JV) with two Chinese real estate groups, Xiamen ITG Real Estate Group and Gemdale Corporation, to acquire a residential site in Shanghai, China. The acquisition was made for RMB815.2 million ($151.9 million) in a tender conducted by the Shanghai Municipal Bureau of Planning and Natural Resources.The new JV partners plan to develop the site, located in Songjiang District, into a mix of 189 low-rise apartments, townhouses, and duplex units, with a total gross floor area of 334,714 sq ft. The development is expected to cater to upgraders and first-time homebuyers in the Fangsong Community, which is known for its prime residential neighbourhood. The area is also close to two ongoing projects – Club Tree and Palace of Yunjian – being developed by Frasers Property and Gemdale Corporation, which have contributed greatly to the strong growth of the residential market in the surrounding area.Frasers Property’s CEO of emerging markets in Asia, Lim Hua Tiong, has expressed the company’s commitment to expanding its presence in Shanghai and delivering high-quality residential developments that cater to the evolving needs of the local community. The JV partners also plan to incorporate several green features into the new development, including flood mitigation design, ultra-low energy building designs with efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics, to enhance the living experience of residents and contribute to the sustainability of the development and community.