GIC to build India’s largest mall
Singapore’s sovereign wealth fund GIC has partnered with India’s largest listed realty developer DLF to build the country’s biggest retail mall of more than 2.5 million square feet, according to media outlets.
The new project, a retail and commercial-led mixed-use development to be known as Down Town, will be constructed on a 23-acre land parcel owned by DLF in Gurugram.
The DLF-GIC joint venture was formed in late 2017.
In addition to their commercial leasing business engagement, GIC and DLF have developed a high-rise residential project with estimated saleable area of 7 million square feet near Central Delhi. This project in Delhi’s Moti Nagar will be DLF’s first residential project under the newly initiated business model of selling ready-to-move-in homes.