Singapore’s sovereign wealth fund GIC, through its affiliate, and Vatika Group have entered into a joint venture to develop two residential projects in Gurgaon, India.
The projects will be developed by Vatika along the Dwarka Expressway, and are expected to be completed by financial year 2018/2019.
The projects have development potential at over 2.3 million sq ft, and they are located within five kilometers of two integrated townships, Vatika Express City and Vatika India Next, which will have extensive social infrastructure including schools, hospitals, retail, parks and recreational spaces.
Loh Wai Keong, Co-Head Asia of GIC Real Estate, said “GIC is confident of India’s growth potential over the long term. Vatika Group is one of the leading developers in Gurgaon and we are pleased to establish this partnership.”
Gautam Bhalla, Managing Director of Vatika Group, added, “The group is happy to partner with GIC, a leading global investment organisation with a strong vision and values that are in line with Vatika’s. We see this as a good start to a rewarding long-term partnership.”
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
