GIC Partnering to build India’s largest shopping mall
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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 a component of serviced apartments, a 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.
Questions & Answers
Q.What is the total planned size of the Down Town development in Gurugram?
What is the total planned size of the Down Town development in Gurugram?
The Down Town project in Gurugram is planned to be an 8 million sq ft mixed-use development. This total includes the retail mall, serviced apartments, a five-star hotel, and commercial spaces.
Q.How long is the construction of the Down Town project expected to take?
How long is the construction of the Down Town project expected to take?
The project is anticipated to be developed in two or three phases. Construction is expected to take more than five years to complete.
Q.What is the nature of GIC and DLF’s existing collaboration?
What is the nature of GIC and DLF’s existing collaboration?
GIC and DLF formed a joint venture in late 2017. They are currently collaborating on a high-rise residential project spanning approximately 7 million sqft near Central Delhi.
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