State-owned investment arm Government of Singapore Investment Corp (GIC) will invest around Rs 1990 crore (S$422.4 million) into a joint venture with India-based property developer DLF, to build two new projects in Central Delhi.
A statement from GIC said both projects will be developed under DLF Home Developers. The JV is expected to benefit from GIC’s experience of investing in integrated developments around the world.
“GIC is confident in India’s long-term growth potential and we look forward to partnering DLF, a leading real estate developer in India, to tap into the attractive opportunities of India’s real estate sector,” said Loh Wai Keong, Managing Director and Co-Head Asia of GIC Real Estate.
Saurabh Chawla, DLF Senior Executive Director for Finance added: “We hope that this investment is a beginning of a new relationship with GIC at the project level. We look forward to working together with GIC in many projects, both residential and commercial.”
The investment is subject to meeting all statutory requirements and conditions.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
