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.