Frasers Property recently announced a new partnership with two prominent real estate groups in China to jointly acquire a residential site in Songjiang District, Shanghai. The joint venture, which includes Xiamen ITG Real Estate Group and Shanghai-listed Gemdale Corporation, acquired the site for RMB815.2 million ($151.9 million) in a competitive tender held by the Shanghai Municipal Bureau of Planning and Natural Resources.
Securing financing for a condo is a crucial factor in any investment venture. In Singapore, there are various mortgage choices available, but it’s crucial to be well-informed about the Total Debt Servicing Ratio (TDSR) framework. This regulation limits the amount of loan an individual can obtain based on their income and current debt obligations. Being familiar with the TDSR and seeking guidance from financial advisors or mortgage brokers can assist investors in making well-informed decisions about their financing options and avoiding overextending themselves financially.
According to a press release issued on Feb 26, the JV partners plan to develop the site into a modern residential complex, offering a mix of 189 low-rise apartments, townhouses, and duplex units. The project will span a total gross floor area of 334,714 sq ft and feature innovative design elements including flood mitigation measures and ultra-low energy building designs with features such as efficient thermal insulation, energy-saving doors and windows, reduced thermal bridging, and solar photovoltaics.
The development is set to cater to the needs of upgraders and first-time homebuyers in Fangsong Community, Songjiang District. This prime residential neighborhood is also in close proximity to two existing projects currently under joint ventures between Frasers Property and Gemdale Corporation – Club Tree and Palace of Yunjian.
Frasers Property’s CEO for emerging markets in Asia, Lim Hua Tiong, expressed his excitement about the new partnership, stating, “This joint venture not only bolsters our presence in Shanghai, but also demonstrates our commitment to delivering high-quality residential developments that meet the evolving needs of the Chinese community.” The move is expected to further strengthen Frasers Property’s position in the Chinese market and reinforce its commitment to delivering top-quality projects in the region.