Singapore, 26 FEBRUARY 2025

Frasers Property Limited (“Frasers Property”, and together with its subsidiaries, the “Group”), has together with Xiamen ITG Real Estate Group and Gemdale Corporation, announced their successful 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 RMB 815.2 million (approximately S$151.9 million¹).

This collaboration leverages the combined strengths and expertise of the three companies. The site, which targets upgraders and first-time homebuyers, is located in a prime residential neighbourhood and is near two existing projects by joint ventures involving both Frasers Property and Gemdale Corporation – 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 sqm. 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 efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging and solar photovoltaics.

Xiamen ITG Real Estate Group is a wholly-owned subsidiary of ITG Holding Group, a Fortune Global 500 company and state-owned enterprise under the Xiamen Municipal Government. Frasers Property’s other partner in the JV, Gemdale Corporation, is listed on the Shanghai Stock Exchange and has been Frasers Property’s strategic and long-term partner in development projects in China.  

Mr Lim Hua Tiong, Chief Executive Officer of Emerging Markets, Asia at Frasers Property, commented, “We are pleased to collaborate with long-time partner, Gemdale Corporation and Xiamen ITG Real Estate Group on this exciting project within Fangsong Community of Shanghai’s Songjiang District. 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.”

This JV aligns with Frasers Property’s strategy to create value through strategic partnerships, enhancing its portfolio and market presence in China.

1   S$1 : RMB 5.36769