GIC Private Limited (Government of Singapore) Reduces Stake in Prestige Estates Projects from 5.01% to 2.94% via Open Market Sales

Singapore's GIC Trims Prestige Stake to 2.94%

GIC Private Limited, acting on behalf of the Government of Singapore, has reduced its shareholding in Prestige Estates Projects Limited through a series of open market transactions, with the aggregate stake now standing at 2.941% as of April 2, 2026. The disposal involved 329,563 equity shares, representing 0.077% of the total voting capital.

Scale of the Reduction

This divestment follows a previous disclosure in March 2025, where the firm held 5.013% stake, marking a significant adjustment in its investment position. The transaction reduced GIC's total holding from 3.018% to 2.941%, representing 12,668,828 equity shares post-sale.

The disclosure was made under SEBI's Regulation 29(2) as cumulative sales since the last disclosure triggered mandatory reporting requirements.

About GIC's India Real Estate Strategy

Established in 1981 to manage Singapore's foreign reserves, GIC has investments in over 40 countries and is headquartered in Singapore, with 10 offices in key financial cities worldwide. GIC has been investing in India since the 1990s and opened an office in Mumbai in 2010.

Despite the reduction in Prestige Estates, GIC remains actively engaged with Indian real estate across multiple asset classes. Singapore's GIC teamed up with ESR Cayman to invest $750m in industrial and logistics assets in India, with the sovereign wealth fund holding an 80% stake in the joint venture. GIC signed a US$1.4 billion 50:50 joint venture with Brookfield India REIT to two large commercial office assets in Mumbai and Gurugram.

Prestige's Market Position

The stake reduction occurs as Prestige Estates Projects, a company that went public on the BSE and NSE in 2010, posted FY26 sales bookings of ₹30,024 crore, up 76% year-on-year, the highest in the company's history and among the highest annual sales by any Indian real estate developer to date.

As of 2026, Prestige Group is active in 13 Indian cities: Bengaluru (its headquarters and largest market), Chennai, Hyderabad, Kochi, Mangaluru, Mumbai (recently entered), Goa, Pune, Delhi-NCR (recently entered), and others. As of 2025–26, Prestige Estates Projects Ltd holds CRISIL's highest developer grade, DA1+, and is the only real estate company in India to hold this rating.

The group sold over 11,690 homes across 22.28 million sqft in FY26, with average realisations of ₹14,470 per sqft, reflecting its premium-tier positioning across markets.

Regulatory Context

The Singapore-based investment manager, acting on behalf of Government of Singapore, Monetary Authority of Singapore, and Gamnat Pte Ltd, conducted open market transactions that reduced its overall stake in the real estate developer. Following the sale, the individual holdings of each entity under GIC's management stand as: Government of Singapore: 1,918,343 equity shares (0.445%) Monetary Authority of Singapore: 967,466 equity shares (0.225%).