Singapore's sovereign wealth fund GIC is strengthening its alliance with India's largest listed realty developer DLF as it seeks to participate in helping build the country's biggest retail mall of more than 2.5 million sq ft, said two persons with direct knowledge of the development.
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 Gurgaon. The plot is on the highway opposite DLF's 2.5 million sq ft commercial project Cyber Park.
“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. The project will be developed in two-three phases in more than five years,” said one of the persons cited above.
The development, to be executed through DCCDL, is expected to supersede the country's current largest retail development 2.5-million-sq-ft LuLu International Shopping Mall in Kochi and DLF's own 2-million-sq-ft Mall of India in Noida.
In addition to their commercial leasing business engagement, GIC and DLF are already working on a high-rise residential project with estimated saleable area of 7 million sq ft 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.
The DLF-GIC joint venture was formed in late 2017 after the promoters of the realty firm K P Singh and his family had sold their stake in rental arm DLF Cyber City Developers Ltd (DCCDL) to the Singapore investment firm.
Under the agreement with GIC, DLF can sell completed, yielding commercial projects to this joint venture or build-to-suite yielding commercial assets for this entity. It can also sell land parcels earmarked for commercial development in the near future to this joint venture.

here is company details.

 

NOTE :You need to login first to access this feature.