CapitaLand sets up S$50m innovation fund to drive sustainability efforts

PROPERTY player CapitaLand has set up an innovation fund with a S$50 million commitment over five years, to support the testbedding of sustainability and other high-tech innovations in the built-environment space.

The move was announced by chief executive Lee Chee Koon at the finale of the inaugural CapitaLand Sustainability X Challenge, where two sustainability-focused companies, Inovues and Climatec Corp, won S$50,000 each to fund their pilot projects with CapitaLand.

The innovation fund is part of CapitaLand's sustainability efforts. In October 2020, CapitaLand opened the Smart Urban CoInnovation Lab at the Singapore Science Park in partnership with the Infocomm Media Development Authority and Enterprise Singapore, with sustainability as one of its focus areas.

The company will also redeploy interest rate savings from its sustainability-linked loans towards the its sustainability initiatives.

Shares of CapitaLand closed flat at S$3.74 on Friday.