Home to more than 250 Fortune 500 companies, Gurugram is set to own the country’s biggest retail mall very soon. Developer giant has joined hands with Singapore’s GIC to come up with a 2.5 million sqft retail space in the Millennium city known as Down Town.
The new project will be retail and commercial-led mixed use and will be constructed on 23-acre land parcel owned by DLF. The plot is strategically located on the highway opposite to the developer’s 2.5 million sqft 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,” ET Realty quoted one of the persons associated with the deal. “The project will be developed in two-three phases in more than five years.”
The development of Down Town will be executed through DCDL (DLF Cybercity Developers Ltd.). The mall is expected to supersede the LuLu International Shopping mall in Kochi and Mall of India, Noida, country’s current largest retail spaces.
This is not the first time that Singapore’s sovereign wealth fund has collaborated with DLF. The first joint venture was formed in 2017 after the real estate giant’s promoters KP Singh and his family sold their stake in rental arm DCDL to Singapore investment firm.
DLF and GIC are already working on a high-rise residential project near Central Delhi with estimates saleable area of 7 million sqft. This will be DLF’s first residential project under its newly initiated business model of selling only ready-to-move-in homes.