DLF-GIC Joint Venture to Build Biggest Retail Mall

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.