New Delhi: The Government of Singapore is shopping in India – this time for mall space.
After making its first Rs 250 crore realty investment in a township in Chennai late last year, Government of Singapore Investment Corporation's real estate arm is believed to have invested over another Rs 250 crore in Mumbai based developer Runwal Group's 8.5 lakh sq feet mall in Mumbai's central suburb of Ghatkopar.
GIC manages a multi-billion dollar portfolio of direct and indirect property investments worldwide, with over 140 separate investments across more than 30 countries.
While GIC and Runwal Group officials were unavailable for a comment on the latest deal, at a recent conference in India, GIC's real estate wing head Dr Seek Ngee Huat said, "We have just closed our first shopping centre deal with a joint venture partner in Mumbai and the intention here is to build a retail portfolio throughout India."
The 8.5 lakh sq feet mall will be part of the Runwal Group's town development on a 20 acre plot that belonged to Wyeth Laboratories. Earlier this year, the Runwals also tied up with Singapore based Capita Land to develop residential towers.
The mall that GIC is now funding has already been leased out to retailers such as Big Bazaar, Lifestyle and Pantaloon.
The investment by GIC could be just the beginning. Industry watchers say most big funds have been scouting for projects in the last 18 months and are now close to finalising deals.
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