Singapore’s GIC and India’s Brigade Enterprises sign an MoU to invest in residential property
GIC, Singapore’s sovereign wealth fund will enter into a joint venture with Brigade Enterprises very soon. On Monday this was announced and a memorandum of understanding (MoU) was signed. The Bangalore-based realty major and GIC, through its affiliate company, will jointly invest up to Rs 1,500 crore in residential and mixed-use development properties in select cities of South India.
The companies said in a release that the JV aims to acquire land where there is secular demand for high-quality residential units. The first project, Brigade Cosmopolis, is already under construction at Bangalore’s IT suburb Whitefield, and will house as many as 880 families.
M.R. Jaishankar the chairman and managing director of Brigade Group stated that this JV will provide a platform for Brigade to acquire and execute a series of similar projects in South India. This will help to further strengthen the partnership with GIC.
Brigade reported a growth of 7 % during Q1FY15, and the total revenue earned was Rs. 168 crore. The company had launched 1.91 million square feet of residential space during the first quarter. It has set a target of building 30 million square feet over the next five years.
This will be good for the Indian Real Estate industry as we will be benefited from the world class technology which Singapore uses.
Source- The Financial Express
