GIC in partnership to build India’s largest shopping mall
Singapore’s sovereign wealth fund GIC is partnering with Indian property developer DLF, to construct India’s largest shopping mall.
Down Town will be a mixed-use development of more than 2.5 million sqft, featuring retail and commercial space. It will be built on a 23-acre parcel of land owned by DLF in Gurugram.
“The retail mall will be part of this 8 million sq ft project that will also have component of serviced apartments, five-star hotel and commercial development,” an unnamed person with knowledge of the matter told an Indian news channel.
“The project will be developed in two-three phases in more than five years.”
The joint venture between DLF and GIC was formed in late 2017. The two companies are already working on a high-rise residential project of about 7 million sqft near Central Delhi.