GIC has entered a joint venture on Indian residential housing.
Singapore’s sovereign wealth fund said it agreed to co-invest in the development of two residential projects with local builder the Vatika Group.
The projects, on India’s Dwarka expressway in Gurgaon, are due for completion in 2018.
GIC said the schemes were expected to generate IND2000 crore (€252m) in revenues once completed.
The projects, with development potential of more than 2.3m sqft, are within 5km of integrated townships Vatika Express City and Vatika India Next.
Social infrastructure, including schools, hospitals, retail, parks and recreational spaces, are being developed in both schemes.
Loh Wai Keong, GIC real estate co-head of Asia, said GIC was confident of India’s growth potential over the long term.
In September, GIC agreed a IND1500 crore joint venture with India’s Brigade Group to invest in the country’s residential sector.
As the Indian economy shows signs of improvement, Singapore’s sovereign wealth fund has chosen to invest in residential developments.
Earlier this year, the Canada Pension Plan Investment Board (CPPIB) made its first residential investment in India.
CPPIB made the investment as part of a strategic alliance with India’s Piramal Enterprises.
Each company agreed to invest $250m initially in rupee debt financing to residential projects across India’s major urban centres.
Dutch pensions group APG began investing in Indian offices through joint venture partner Xander this year.
It also doubled its stake in Indian hotel chain Lemon Tree.
