Competition watchdog not yet notified of Clementi Mall sale, CapitaLand-Mapletree merger

[SINGAPORE] The anti-competition watchdog has not been notified of The Clementi Mall sale and a potential merger of CapitaLand and Mapletree, Minister for Trade and Industry Gan Kim Yong said.

The Competition and Consumer Commission of Singapore (CCS) will continue to monitor both developments, Gan said in a written parliamentary response to an oral question on Monday (Jan 12).

In December 2025, The Business Times reported that an entity linked to Zhao Zhichao of The Elegant Group is believed to have signed a deal to buy The Clementi Mall for S$809 million from Cuscaden Peak Investments. The Elegant Group’s portfolio also includes Grantral Mall@Clementi, which is adjacent to the The Clementi Mall and Clementi MRT Station.

Temasek-linked property asset managers CapitaLand Investment and Mapletree Investments are reportedly exploring a merger, which is expected to create one of Asia’s largest real estate firms.

There were concerns over how such consolidations would affect smaller tenants in heartland malls, and whether they will be at a disadvantage during lease renewals.

Gan said that Singapore adopts a voluntary merger notification scheme, where merger parties are not required to notify CCS of their merger transactions under the Competition Act, “to balance between effective regulatory oversight and keeping compliance costs low”.

SEE ALSO

CapitaLand Investment and Mapletree Investments mull merger: report

Elegant Group entity buys The Clementi Mall for S$809 million

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They are expected to self-assess whether transactions may lead to potential competition concerns, he added.

But merger parties can approach CCS for pre-notification discussions or seek guidance on whether their merger may be anti-competitive. CCS has the power to step in, should information suggest that a merger may cause competition issues.

Gan noted that measures are also in place to support “fair and balanced lease negotiations between property owners and tenants”, and that Singapore’s retail scene “remains competitive and vibrant”.