( dpa ) - CapitaLand is investing in 15 Indian malls worth more than 2.1 billion Singapore dollars (1.4 million US dollars), the city-state's largest property developer said Wednesday.
The malls, spread over 14 cities, will result in 11.1 million square feet of space that can be leased.
CapitaLand is partnering two Indian real-estate developers in separate joint ventures, it said.
One is a 50-50 partnership with Bangalore-based Prestige Group for seven malls in southern India.
The other is with Delhi-based Advance India Projects. CapitaLand will hold more than 60 per cent in the venture to develop and manage eight malls in northern India.
CapitaLand said its portion of the investment will amount to 1 billion Singapore dollars (699 million US dollars).