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![]() Bugis+, which is owned by CapitalLand Malls | |
Company type | Public |
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Industry | Real estate investment management and real estate development |
Predecessors |
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Founded | 28 November 2000 [1] |
Headquarters | Singapore |
Key people | |
Number of employees | 11,500 |
Parent | Temasek Holdings |
Website | capitaland |
CapitaLand is a Singaporean headquartered company focusing on investment, development and management of real estate.
Present across more than 260 cities in over 40 countries, [3] the company focuses on Singapore and China as its core markets while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA.
CapitaLand has one of the largest investment management businesses globally, with a stable of six listed real estate investment trusts and business trusts, as well as about 30 private vehicles.
Since it pioneered REITs in Singapore with the listing of CapitaLand Mall Trust (now merged with CapitaLand Commercial Trust to form CapitaLand Integrated Commercial Trust) in 2002, CapitaLand's portfolio of REITs has expanded to include CapitaLand Ascott Trust, CapitaLand China Trust, CapitaLand Ascendas REIT, CapitaLand India Trust and CapitaLand Malaysia Trust. [3]
In August 2021, the company was restructured to form CapitaLand Investment (CLI), its real estate investment management business; and CapitaLand Development, its privately held property development arm.
On 12 July 2000, DBS Land (DBSL) and Pidemco Land announced a merger to form a company eventually owning about $18 billion in assets, making it the largest listed property company in Southeast Asia when completed. [4] [5] Although this followed a new measure imposed by Monetary Authority of Singapore to separate financial and non-financial activities of banking groups on 21 June 2000, [6] DBS Bank had already divested most of its investments in DBSL and was holding 5.4% of DBSL, well below the 20% shareholding threshold for non-core banking activities under the new measure. [7] More details of the merged entity were given on 31 July 2000. [8] Named as CapitaLand on 6 September 2000, [9] the merger was approved by shareholders on 18 October 2000 [10] and was thus officially launched on 28 November 2000. [1]
In 2002, CapitaLand's portfolio of REITs expanded to include CapitaLand Ascott Trust, [11] CapitaLand China Trust, [12] CapitaLand Ascendas REIT, [13] CapitaLand India Trust [14] and CapitaLand Malaysia Trust. [1]
On 13 September 2012, CapitaLand announced that it was listed on the Dow Jones Sustainability Asia Pacific Index in recognition of its sustainability efforts. It has been listed on the Index since then. [15]
In 2017, CapitaLand came into controversy when the company attempted to evict the Franses Art Gallery from the Cavendish Hotel in London. CapitaLand acquired the property in August 2012. [16] The case would go to the Supreme Court of the United Kingdom, which ruled against CapitaLand and upheld Franses Art Gallery's request for a new 15 year lease. [17]
On 14 January 2019, the Group announced that it would acquire Ascendas-Singbridge, a real estate group, from Temasek Holdings in an S$11B deal, [18] [19] [20] which was completed on 30 June 2019. [21] On 3 July 2019, it announced that Ascott Residence Trust (Ascott Reit) and Ascendas Hospitality Trust would be merged into The Ascott Limited, forming Asia's largest hospitality trust with S$7.6b in combined assets. [22]
On 29 September 2020, unitholders of CapitaLand Mall Trust and CapitaLand Commercial Trust voted in favour of the merger of both REITs to form CapitaLand Integrated Commercial Trust, which would become the largest Singapore REIT and one of the largest REITs in the Asia Pacific with an asset base of S$22.4 billion. [23]
On 22 March 2021, CapitaLand Group announced the proposed restructuring of its business. [24] With the restructuring, the Group formed two entities – CapitaLand Investment (CLI), the real estate investment management business which was listed on SGX-ST on 20 September 2021 and CapitaLand Development (CLD), the privatised property development arm.
On the 20th of September 2021, CLI debuted on the Singapore Stock Exchange under the trading name CapitaLandInvest and stock code, 9CI.[ citation needed ]
On 27 September 2021, [25] CapitaLand announced the change of names of Ascendas Real Estate Investment Trust, Ascott Residence Trust and Ascendas India Trust under one unified CapitaLand brand. Ascendas Real Estate Investment Trust was renamed to CapitaLand Ascendas REIT. Ascott Residence Trust was renamed to CapitaLand Ascott Trust. Ascendas India Trust was renamed to CapitaLand India Trust.
In December 2023, CapitaLand India Trust (CLINT) completed the acquisition of the industrial facility Casa Grande - Phase 2 in Mahindra World City, Chennai. The acquisition comprises two fully leased industrial facilities totaling 0.33 million sq ft for a consideration of approximately $28.7 million (Rs 177 crore). [26]
CapitaLand Ascendas REIT brought its London data centre footprint to five in 2023 by buying the 31MW Chess Building data centre from Digital Realty for £125.1m ($159m). [27]
In March 2024, CapitaLand India Trust acquired an industrial property from developer Nalanda Shelter Private in the Indian state of Pune for 7.73bn Indian rupees (€86m). [28]
Also in March 2024, Amsterdam-based Bouwinvest Real Estate Investors invested $75 million for the $600 million CapitaLand Ascott Residence Asia Fund II (CLARA II). [29]
In August 2021, CapitaLand's shareholders voted in favour of the company to restructure its business to form two distinct entities – CapitaLand Investment and CapitaLand Development.
CapitaLand's integrated developments include ION Orchard and The Orchard Residences, Ascott Orchard Singapore and Cairnhill Nine, as well as Raffles City. in Singapore with the opening of Raffles City Singapore in 1986, there are now 10 other Raffles City developments in seven gateway cities in China, including the latest Raffles City The Bund and Raffles City Chongqing. One of CapitaLand's most recently completed developments is CapitaSpring (comprising an office tower and serviced residence), a 280m tall skyscraper in Raffles Place.
CapitaLand holds retail investments in Singapore, China, Malaysia, Japan, Cambodia and Vietnam. In Singapore, its 20 malls include Bedok Mall, Bugis Junction, Bugis+, Funan, IMM, ION Orchard, JCube (defunct), Plaza Singapura, Raffles City Singapore, Westgate, Jewel Changi Airport and Junction 8. [34] It owns 46 malls in China, including CapitaMall Xizhimen in Beijing, CapitaMall Hongkou in Shanghai and Raffles City Shanghai, CapitaMall SKY+ in Guangzhou, Suzhou Center, and Raffles City Chongqing. In Malaysia and Japan, it holds investments in Gurney Plaza and Queensbay Mall in Penang, Malaysia; and Olinas Mall in Tokyo.
In June 2019, CapitaLand, partnering with City Developments Limited (CDL), acquired Liang Court from mall operator AsiaMalls, an entity linked to PGIM Real Estate, for S$400 million. Before co-owning the mall with CDL, CapitaLand, via Ascott Residence Trust, owned and managed Somerset Liang Court Singapore, attached to Liang Court mall. [35]
In November that same year, CapitaLand sold The Star Vista to co-owner Rock Productions for US$217 million. [36]
The Ascott Limited, a wholly owned subsidiary of CapitaLand, opened The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence REIT, Ascott Residence Trust. Today, the company's serviced residence brands include Ascott, Citadines, Oakwood, lyf, Quest, Somerset and The Crest Collection. [37] It possesses approximately 790 properties.
CapitaLand's commercial spaces include offices and integrated developments across Singapore, China, Germany, Japan and Vietnam. Commercial office buildings in CapitaLand's portfolio include Asia Square Tower 2, Capital Tower, [38] CapitaGreen, [39] CapitaSpring, Six Battery Road, [40] One George Street and Raffles City Tower in Singapore; Capital Square and Innov Center in Shanghai, China, as well as Main Airport Center and Gallileo in Frankfurt, Germany.
CapitaLand's portfolio of residential developments include The Interlace, [41] d’Leedon, Sky Vue and Sky Habitat. Recent redevelopments include the old Pearl Bank Apartments into the One Pearl Bank, [42] which is slated for completion in 2023; as well as CanningHill Piers on the site of the former Liang Court, scheduled for completion in 2025. CapitaLand's homes can be found in Singapore, China, Indonesia, Malaysia and Vietnam. The latest project is the redevelopment of JCube shopping mall into a mixed development with a residential component called J'Den.
DBS Bank Limited is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which "DBS" was derived from, before the present abbreviated name was adopted on 21 July 2003 to reflect its role as a global bank. It is one of the "Big Three" local banks in Singapore, along with Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB).
A real estate investment trust is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, studios, warehouses, hospitals, shopping centers, hotels and commercial forests. Some REITs engage in financing real estate.
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Raffles City is a large complex located in the Civic District within the Downtown Core of the city-state of Singapore. Occupying an entire city block bounded by Stamford Road, Beach Road, Bras Basah Road and North Bridge Road, it houses two hotels and an office tower over a podium which contains a shopping complex and a convention centre. The mall is managed by CapitaCommercial Trust and CapitaMall Trust. It was completed in 1986.
The following lists events that happened during 2001 in Singapore.
The following lists events that happened during 2000 in Singapore.
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Liang Court was a shopping mall located in the vicinity of Clarke Quay, on the Singapore River. It was part of a mixed-use complex that includes the hotel Novotel Clarke Quay and Somerset Liang Court Residences.
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The Ascott Limited is a Singaporean real estate and lodging company and a subsidiary of CapitaLand.
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Lim Ming Yan is the chairman of the Singapore Business Federation (SBF) and Workforce Singapore (WSG). He is also currently Singapore's Non-Resident High Commissioner to the Republic of Mauritius. He was formerly the president and group chief executive officer (CEO) of CapitaLand.