Shaping CapitaLand’s next chapter of growth

FOR most of its 26-year history, CapitaLand was known as one of Asia’s leading property companies, developing homes, workspaces, retail malls and serviced residences across the region.

Today, the Group has evolved into a global real estate platform with integrated development, investment and operating capabilities, and a presence in more than 270 cities across 45 countries.

This transformation was shaped by key milestones including the 2019 merger with Ascendas-Singbridge, which expanded CapitaLand’s portfolio to business parks, logistics and industrial assets; and the 2021 restructuring that created two complementary businesses – CapitaLand Development (CLD), a developer of future-ready urban spaces, and CapitaLand Investment (CLI), a global real asset manager.

Together, they combine development expertise, operating capabilities and investment management strengths to create value across market cycles. As the real estate landscape continues to evolve, CapitaLand remains focused on opportunities underpinned by long-term structural trends and technological innovations.

CapitaLand Development: Creating the cities of tomorrow

As lifestyles evolve, demand is growing for mixed-use, peoplecentric environments that closely integrate working, living and leisure. CLD is responding by building a diversified portfolio designed to meet these shifting needs.

The developer’s portfolio spans residential projects, integrated developments, business parks, industrial facilities and mixed-use precincts across core markets including Singapore, China and Vietnam.

While residential developments remain a key pillar, particularly in Singapore and Vietnam, CLD sees significant opportunities emerging from changes in the way people live and work.

Moving beyond the conventional separation of homes, workplaces and lifestyle amenities, the company’s distinctive strength lies in creating cohesive, mixed-use communities.

“Our developments are guided by an integrated approach that brings together diverse uses to create vibrant environments. These are places where people can live, work, play and connect seamlessly,” says Jonathan Yap, CEO of CLD.

The company is also embedding sustainability and digital technologies into its projects from the outset. Environmental considerations, material selection and green design standards are increasingly incorporated during the planning stage, while technologies such as Building Information Modelling and 3D concrete printing are being deployed to improve efficiency and outcomes.

Singapore remains central to these ambitions. “As a homegrown company, Singapore continues to be our core market,” says Yap.

With urban renewal, more efficient land use and sustainability featuring prominently in national planning priorities, CLD sees opportunities to contribute to Singapore’s next phase of development through mixed-use and specialised developments that maximise the value of limited land resources.

On the sustainability front, CLD has also stepped up efforts to support decarbonisation in the built environment. Earlier this year, CLD and Climate Group’s ConcreteZero initiative launched Singapore’s first market-wide carbon benchmark for concrete, aimed at accelerating the adoption of lower-carbon construction materials.

Looking ahead, Yap says success will ultimately be measured by CLD’s capacity to evolve with changing needs and create developments that continue to serve communities over the long term.

“A decade from now, success will be defined by our ability to deliver consistent value across cycles,” he says.

CapitaLand Investment: Connecting global institutional capital to investment opportunities

Aligned with Singapore’s position as a global financial hub, SGX-listed CLI has built one of Asia’s largest real asset management platforms, with approximately S$128 billion of funds under management.

CLI’s core business is anchored by its Listed and Private Funds Management platforms, its dual growth engines, and supported by key operating capabilities in commercial and lodging management. Together, they provide a differentiated real asset management platform that enhances fund performance, deepens operating insights and underpins the growth of recurring fee income.

As one of Asia’s leading listed real estate franchises, CLI leverages its ability to originate investment opportunities, recycle capital and drive portfolio growth across its Listed Funds, while continuing to develop new REITs across asset classes and geographies.

With the strength of its fundraising franchise and global investor relationships, CLI’s private funds platform prioritises its commercial, living, self-storage and credit strategies. Growing interest from global institutional investors for APAC-focused strategies also provides additional opportunities for growth in its Private Funds Management business.

Complementing CLI’s fund management business are its operating platforms that provide market insights, operational expertise and industry networks, enhancing the asset performance of its Listed and Private Funds. Its commercial management team supports over 14,500 tenants and partners across more than 250 properties. Its lodging management platform, The Ascott Limited, manages a multi-brand portfolio of more

than 1,000 properties, spanning over 230 cities in more than 40 countries.

“We are sharpening our focus on areas where we have scale, competitive advantages and a clear right to win. We see tremendous potential in the strength of CLI’s integrated real asset management platform, which will drive our next phase of growth,” says Lee Chee Koon, CLI’s group CEO.

“By concentrating capital and resources on our dual growth engines of Listed and Private Funds Management, while accelerating value realisation, we will enhance capital efficiency, strengthen our balance sheet and support sustainable shareholder returns,” Lee adds.

Looking ahead, CLI is committed to growing responsibly while executing its strategic priorities. Disciplined capital allocation, alongside continued investments in sustainability, AI and technology across its investment, fund management, asset management and operations, will strengthen portfolio resilience while supporting long-term value creation for shareholders.

The AI advantage

Across CapitaLand, AI is already being applied in areas such as energy optimisation, predictive maintenance, security analytics and digital concierge services.

In creating spaces to live, work and play, AI is integrated into the development lifecycle from site analysis and demand forecasting to smart construction technologies and customer engagement.

On the fund management side, beyond operational efficiency, AI is increasingly embedded across its work processes, from investment evaluation and decisions to portfolio monitoring. CLI’s proprietary investment intelligence platform, ATLAS, enables teams to synthesise market research and internal insights more quickly, strengthening underwriting and investment decision-making. At the same time, automation and AI-enabled analysis have automated 80 per cent of monthly asset reports, saving around 1,300 man-hours annually.

Customer-facing applications also embed AI capabilities, providing a seamless experience. Casey, the AI-powered assistant integrated into CapitaStar, Singapore’s leading lifestyle and shopping rewards programme, has significantly boosted shopper engagement by delivering personalised recommendations and handling customer enquiries. Ascott’s Cubby, a digital concierge, attends to guest enquiries and requests around the clock.

“AI will increasingly act as a key enabler of value creation, enhancing decision-making and strengthening CLI’s ability to scale its asset-light, fee-driven business model and deliver sustainable growth, for our stakeholders,” says Lee.

Creating shared value

Beyond delivering returns, CapitaLand is creating value by contributing to communities where it operates. Through CapitaLand Hope Foundation, the Group supports education, health and well-being initiatives for children, youth and seniors. Since its establishment in 2005, the Foundation has disbursed more than S$70 million, contributed over 320,000 volunteer hours and supported more than 560,000 beneficiaries across more than 250 initiatives globally.

The Foundation recently launched the CapitaLand Community Resilience Initiative, which supports organisations across Singapore, China, India and Vietnam that are developing scalable solutions to improve education, skills development, and physical and mental well-being for vulnerable children and youth.

Together, these initiatives demonstrate that CapitaLand’s vision for the future extends beyond business growth to creating lasting value for society.

As Singapore enters its next chapter of development, CapitaLand’s transformation reflects many of the forces driving change in the economy: from urban renewal and sustainability, to digital transformation and the growing importance of international investment flows. CapitaLand will continue to stay agile and leverage expertise across the group to create enduring value for investors, partners, and its communities.

CLD’s iconic properties designed for the next generation

PARKTOWN Residence, Tampines North

The integrated development combines homes with direct access to retail offerings and public transport, reflecting growing demand for greater convenience and connectivity within residential communities.

Geneo, Singapore Science Park

Designed as a next-generation business park, Geneo brings together research facilities, workplaces and communal spaces within a single ecosystem, encouraging collaboration and innovation among tenants and the wider community.

LyndenWoods, Singapore Science Park

The first residential development within Singapore Science Park, LyndenWoods aims to bring homes closer to workplaces while integrating nature and lifestyle amenities, supporting changing preferences around live-work-play environments.

Scaling listed and private funds as CLI’s dual growth engines

Listed Funds Management

CLI is Asia Pacific’s largest manager of REITs and business trusts, anchored by a strong stable of eight listed funds: CapitaLand Integrated Commercial Trust, CapitaLand Ascendas Reit, CapitaLand Ascott Trust, CapitaLand India Trust, CapitaLand China Trust, CapitaLand Malaysia Trust, CapitaLand Consumption C-Reit and Japan Hotel Reit. Combined, the Listed Funds manage approximately S$79 billion in funds under Management.

Private Funds Management

CLI leverages its deal origination, capital raising and deployment capabilities across its APAC-focused private markets real assets platform. Backed by deep local expertise, thematic conviction and ‘boots-on–the-ground’ execution, its diverse debt and equity strategies create value and deliver resilient, risk-adjusted returns to institutional investors.

Operating Platforms

Commercial Management manages the retail, office and integrated developments, driving occupancy, rental growth and asset enhancement while generating recurring fee income for the funds.

The Ascott Limited is a global lodging operator, with more than 170,000 units across brands including Ascott, Citadines, lyf, Oakwood and Somerset.