Frasers Property jointly secures Songjiang residential site for $152m

The site will be developed into 189 low-rise homes.

Frasers Property Limited, Xiamen ITG Real Estate Group, and Gemdale Corporation announced their joint bid to acquire and develop a residential site in Fangsong Community, Songjiang District, Shanghai, China.

The joint venture (JV) secured the tender from the Shanghai Municipal Bureau of Planning and Natural Resources for a total consideration of approximately $151.9m (RMB815.2m).

The site is in a prime residential neighbourhood near two existing projects by JVs involving Frasers Property and Gemdale Corporation—Club Tree and Palace of Yunjian.

This new residential site is expected to be developed into 189 low-rise apartments, townhouses, and duplex units with a total gross floor area of 31,096 sq m.

The development will target China Green Building Label 2-Star certification, incorporating features such as a sponge-city design for flood mitigation, ultra-low-energy building designs incorporating thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics.