THE Government of Singapore Investment Corp (GIC), which manages US$100bil of the city-state's reserves, will pay RM95mil for a Malaysian shopping mall.

Swiss Advanced Technology Institute Sdn Bhd, which is developing the three-storey mall about 40 minutes from Kuala Lumpur would be purchased from RB Land Sdn Bhd, Government of Singapore Investment said in a statement yesterday.

''This acquisition is in line with our investment strategy to build up a portfolio of core retail assets in the Asia-Pacific region,'' Government of Singapore Investment Real Estate president Seek Ngee Huat said in the e-mailed statement.

Source : 13/1/2005