CapitaLand

CapitaLand is a Singaporean headquartered company focusing on investment, development and management of real estate. It is the owner and manager of a portfolio comprising integrated developments, shopping malls, lodging, offices, homes, business parks, industrial and logistics assets, as well as real estate investment trusts (REITs) and funds.

CapitaLand
TypePublic
IndustryReal estate investment management and real estate development
Predecessors
  • DBS Land
  • Pidemco Land
Founded28 November 2000 (2000-11-28)[1]
HeadquartersSingapore
Key people
  • Mr Wong Kan Seng (Chairman, CapitaLand Group)[2]
  • Mr Miguel Ko (Chairman, CapitaLand Investment)[3]
  • Mr Lee Chee Koon (Group CEO, CapitaLand Investment)[4]
Number of employees
11,500 (representing over 90 nationalities)
ParentTemasek Holdings
Websitecapitaland.com

Present across more than 260 cities in over 40 countries[5], 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 (REITs) and business trusts, as well as about 30 private funds. 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 Ascendas Real Estate Investment Trust, Ascott Residence Trust, CapitaLand China Trust, Ascendas India Trust and CapitaLand Malaysia Trust.[1]

In August 2021, CapitaLand's shareholders voted in favour for the company to restructure its business to form two distinct entities; CapitaLand Investment (CLI), its real estate investment management business; and CapitaLand Development, its privately held property development arm. Later on 20 September, CLI debuted on the Singapore Stock Exchange under the trading name CapitaLandInvest and stock code, 9CI.

History

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.[6][7] 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,[8] 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.[9] More details of the merged entity were given on 31 July 2000.[10] Named as CapitaLand on 6 September 2000,[11] the merger was approved by shareholders on 18 October 2000[12] and was thus officially launched on 28 November 2000.[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.[13]

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,[14][15][16] which is approved by 90% of shareholders on 12 April 2019.[17] The acquisition was completed on 30 June 2019.[18]

On 20 February 2019, CapitaLand said that its 2018 net profit jumped 12.3%, the highest in a decade.[19]

On 3 July 2019, it announced that Ascott Residence Trust (Ascott Reit) and Ascendas Hospitality Trust would be merged, forming Asia's largest hospitality trust with S$7.6b in combined assets.[20] This comes after the acquisition of Ascendas-Singbridge on 30 June 2019.[21]

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.[22]

On 20 September 2021, CapitaLand Investment listed on the SGX, following the Group's proposed restructuring of its business to focus on investment management.[23]

Group structure

CapitaLand Investment

CapitaLand Investment (CLI), the investment arm of CapitaLand Group, has S$134 billion of real estate assets under management.[24]

CLI's two key business platforms are its Fee-Income Related Business (FRB) and Real Estate Investment Business (REIB).[25] CLI's FRB comprises Listed Funds Management, Private Funds Management and Lodging Management.

  • Listed Funds Management[26] CLI's listed funds business comprises CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, CapitaLand Ascott Trust, CapitaLand China Trust, CapitaLand India Trust, and CapitaLand Malaysia Trust. CLI's listed funds have a total market capitalisation of S$32 billion as at 30 June 2023[26].
  • Private Funds Management[27] CLI manages more than 30 private vehicles, leveraging its strong local expertise across multiple asset classes.  Private Funds assets under management is S$29 billion as at 30 June 2023[27]. CLI's private vehicles include CapitaLand Open End Real Estate Fund, CapitaLand China Data Centre Partners, CapitaLand China Opportunistic Partners Programme, CapitaLand SEA Logistics Fund and Ascott Serviced Residence Global Fund.
  • Lodging Management[28] CLI's REIB owns and manages quality properties globally, generating a stable rental income flow. Its portfolio includes assets in retail, office, lodging, new economy and integrated developments[29].

CapitaLand Development

CapitaLand Development (CLD) is the development arm of CapitaLand Group.[30]

Notable projects

Integrated developments

CapitaLand's integrated developments include ION Orchard and The Orchard Residences, Ascott Orchard Singapore and Cairnhill Nine, as well as Raffles City. Pioneered 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.

Shopping malls

CapitaLand's retail portfolio spans Singapore, China, Malaysia, Japan, Cambodia and Vietnam. In Singapore, its 20 malls include Bedok Mall, Bugis Junction, Bugis+, Funan, IMM, ION Orchard, JCube, Plaza Singapura, Raffles City Singapore, Westgate, Jewel Changi Airport and Junction 8.[31] 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. Its portfolio in Malaysia and Japan includes 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.[32]

In November that same year, CapitaLand sold The Star Vista to co-owner Rock Productions for US$217 million.[33]

Lodging

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.[34] It has more than 790 properties in over 200 cities across more than 30 countries in the Americas, Asia Pacific, Europe, the Middle East and Africa.

Offices

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,[35] CapitaGreen,[36] CapitaSpring, Six Battery Road,[37] 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.

Homes

CapitaLand's portfolio of residential developments include The Interlace,[38] d’Leedon, Sky Vue and Sky Habitat. Recent redevelopments include the old Pearl Bank Apartments into the iconic One Pearl Bank,[39] 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.

References
  1. "Official Launch Of CapitaLand Group". CapitaLand. 28 November 2000. Retrieved 29 June 2019.
  2. "Board of Directors". CapitaLand.
  3. "Our Board of Directors". CapitaLand.
  4. "Our Board of Directors". CapitaLand.
  5. "About CapitaLand Group | CapitaLand". www.capitaland.com. Retrieved 24 October 2023.
  6. "Leading Property Companies Pidemco Land Limited and DBS Land Limited Announce Plans to Merge". CapitaLand. 12 July 2000. Retrieved 7 September 2019.
  7. Webb, Sara (13 July 2000). "DBS Land, Pidemco Plan Merger To Create Huge Property Group". Wall Street Journal. Retrieved 7 September 2019.
  8. "New MAS Measures To Separate Financial And Non-financial Activities Of Banking Groups". www.mas.gov.sg. 21 June 2000. Retrieved 9 November 2019.
  9. "DBS supports MAS Directives to limit Bank non-core activities". www.dbs.com. 21 June 2000. Retrieved 9 November 2019.
  10. "CapitaLand Limited - News - Pidemco Land and DBS Land Announce Senior Management Designates and Set Strategic Targets for Proposed Merged Group". investor.capitaland.com. 31 July 2000. Retrieved 9 November 2019.
  11. "CapitaLand Limited - News - Name of Proposed Merged Entity to be CapitaLand". investor.capitaland.com. Retrieved 9 November 2019.
  12. "Pidemco Land to merge with DBS Land to create CapitaLand". CapitaLand. 18 October 2000. Retrieved 7 September 2019.
  13. "CapitaLand recognised as global sustainability leader by Dow Jones Sustainability Index 2012/2013 Singapore" (PDF). CapitaLand. 13 September 2012. Retrieved 24 September 2019.
  14. "CapitaLand and Ascendas-Singbridge in S$11-billion deal to create Asia's largest diversified real estate group". CapitaLand. 14 January 2019. Retrieved 1 March 2019.
  15. "CapitaLand to buy real estate group Ascendas-Singbridge from Temasek in S$11b deal". Channel NewsAsia. 14 January 2019. Retrieved 1 March 2019.
  16. "CapitaLand to buy Temasek unit Ascendas-Singbridge in $11b deal, creating Asia's biggest diversified real estate group". The Straits Times. 14 January 2019. Retrieved 7 June 2019.
  17. "CapitaLand shareholders cast resounding vote of over 90% in favour of transformational transaction to acquire the business of Ascendas-Singbridge". CapitaLand. 12 April 2019. Retrieved 20 August 2019.
  18. "CapitaLand completes $11b acquisition of Ascendas-Singbridge, to operate as unified entity from July 1". The Straits Times. 30 June 2019. Retrieved 3 July 2019.
  19. "CapitaLand's 2018 net profit jumps 12% to 10-year high". Channel NewsAsia. Retrieved 21 February 2019.
  20. "FAQs - Ascott Residence Trust and Ascendas Hospitality Trust enter combination deal | CapitaLand". www.capitaland.com. Retrieved 15 July 2020.
  21. "CapitaLand to merge Ascott Reit, Ascendas unit to form Asia-Pacific's largest hospitality trust with $7.6b in assets". The Straits Times. 3 July 2019. Retrieved 20 August 2019.
  22. "CapitaLand shareholders vote in favour of restructuring plan". The Straits Times. 10 August 2021. ISSN 0585-3923. Retrieved 15 October 2021.
  23. "CapitaLand Investment shares debut at $2.95 on SGX". The Straits Times. 20 September 2021. ISSN 0585-3923. Retrieved 15 October 2021.
  24. "CLI by the Numbers | CapitaLand Investment". www.capitaland.com. Retrieved 24 October 2023.
  25. "Our Businesses | CapitaLand Investment". www.capitaland.com. Retrieved 24 October 2023.
  26. "Listed REITs and Business Trusts | CapitaLand Investment". www.capitaland.com. Retrieved 24 October 2023.
  27. "Real Assets Private Funds Management | CapitaLand Investment". www.capitaland.com. Retrieved 24 October 2023.
  28. "Lodging Management | CapitaLand Investment". www.capitaland.com. Retrieved 24 October 2023.
  29. "Investment Properties | CapitaLand Investment". www.capitaland.com. Retrieved 24 October 2023.
  30. "CapitaLand Development | CapitaLand". www.capitaland.com. Retrieved 24 October 2023.
  31. Kaur, Karamjit (21 March 2017). "Changi's Jewel shaping up well for sparkling start in 2019". The Straits Times.
  32. "CapitaLand, CDL complete S$400m Liang Court mall purchase". citicommerical. Retrieved 21 November 2019.
  33. "CapitaLand sells The Star Vista in Singapore". Inside Retail Asia. 21 November 2019. Retrieved 21 November 2019.
  34. "Our Brands". www.discoverasr.com. Retrieved 17 January 2023.
  35. "Capital Tower". CTBUH Skyscraper Center.
  36. "CapitaGreen". CTBUH Skyscraper Center.
  37. "6 Battery Road". CTBUH Skyscraper Center.
  38. Natasha Ann Zachariah (6 November 2015). "The Interlace condo wins World Building of the Year at World Architecture Festival". The Straits Times. Retrieved 14 August 2018.
  39. "One Pearl Bank | One Pearl Bank". Retrieved 22 May 2020.
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