Frasers Property (SGX:TQ5) has partnered with Japan's Mitsubishi Estate (TYO:8802) to redevelop Valley Point and Fraser Suites Singapore into a luxury 999-year mixed-use development, according to a Wednesday filing to the Singapore stock exchange.

The company's shares were up over 1% in Thursday's trade.

To execute the project, the two companies have formed a 51:49 joint venture.

The new development will include around 407 luxury residences and sky villas, a new 184-unit Fraser Suites serviced residence and a selection of dining, retail and lifestyle offerings.

The redeveloped project is set to launch in 2027 and complete in 2031.