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GIC in Joint Venture with Runwal Group
| June 21, 2007 |  (Be the first to rate this story!) Loading ... |
The GIC Real Estate, a property investment arm of the Government of Singapore has recently signed a joint venture agreement with Mumbai based property developer Runwal group to develop a commercial property in Ghatkopar, a suburb located in Central Mumbai.
The project will involve an investment of Rs 250 crore.
It is a 50:50 JV that will develop an 8.5-lakh sq ft sparkling mall in Ghatkopar. The project is Runwal’s second foreign direct investment (FDI) project in Mumbai.
Earlier in 2006, Runwal Group had tied up with Singapore based CapitaLand to develop a residential project. The group declines to comment on the venture.
GIC Real Estate also has plans to invest in residential property in India and Brazil. Enjoying the status of being among top 10 real estate investment companies, the arm owns Chicago’s AT&T Corporate Center, Tokyo’s Shiodome City Center, Seoul’s Star Tower and Sydney’s Chifley Tower and Plaza.
It has further plans to expand business horizons to most upcoming real estate markets as the US residential property sector seems to moving at snail’s pace, and competition leads to a hike in the markets such as Japan.
The Runwal Group holds a vast experience in real estate development business and has developed over 35 property projects including both commercial and residential property in Mumbai.
News Published Under: Mumbai, Real Estate Developers |
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