CapitaLand

Corporate brand

A Singapore-headquartered real estate group spanning property investment, development, asset management, lodging, and operating platforms.

Last updated August 31, 2026

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Overview

CapitaLand is a Singapore-headquartered real estate group whose activities combine property investment, development, asset management, and the operation of real estate-related businesses. The group emerged in 2000 from the merger of Pidemco Land and DBS Land, creating one of the major property companies associated with Singapore and the wider Asian real estate market. Its portfolio has historically covered residential projects, integrated developments, shopping malls, office buildings, business parks, industrial estates, logistics facilities, data centres, and serviced residences. A central feature of the CapitaLand model is the use of investment-management platforms and listed or private real estate funds and trusts. These structures allow the group to develop or acquire assets, manage them for institutional and other investors, and recycle capital while retaining operating or management relationships. Its ecosystem has included CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, CapitaLand India Trust, and hospitality vehicles associated with The Ascott Limited. The group has also operated major branded property formats such as CapitaMall, Raffles City, and Ascott serviced residences. CapitaLand expanded substantially through corporate transactions. In 2019 it completed the acquisition of Ascendas-Singbridge from Temasek Holdings, a transaction that added business-space, industrial, logistics, infrastructure, and urban-development capabilities. That year it also announced the combination of Ascott Residence Trust and Ascendas Hospitality Trust, creating a larger hospitality investment platform. In 2020, CapitaLand Mall Trust and CapitaLand Commercial Trust were combined to form CapitaLand Integrated Commercial Trust, one of Singapore's largest real estate investment trusts. In 2021, CapitaLand announced a restructuring intended to separate its listed investment-management activities from its development business. CapitaLand Investment began trading on the Singapore Exchange in September 2021 under the name CapitaLandInvest and stock code 9CI, while the development-oriented CapitaLand brand continued to be associated with property development and operating businesses. This restructuring changed the group's corporate architecture but did not eliminate the CapitaLand identity from its major properties, funds, and consumer-facing formats. The group has an international footprint spanning hundreds of cities and more than forty countries, with particularly significant activities in Singapore, China, India, and other Asian markets, alongside selected operations in Europe, Australia, and the United States. Its lodging arm, The Ascott Limited, traces its origins to the opening of The Ascott Singapore in 1984 and operates serviced residences and related accommodation brands in cities around the world. CapitaLand's positioning combines institutional-scale real estate ownership and management with large mixed-use developments and branded operating platforms. Its public profile has also included legal and governance scrutiny, including a United Kingdom lease dispute involving the Franses Art Gallery and allegations made in a 2025 Singapore civil lawsuit concerning a contractor connected with India projects; the latter allegations were not adjudicated findings against CapitaLand.

History

CapitaLand was formed in 2000 through the merger of Pidemco Land and DBS Land. The combination created a large Singapore-based property group with capabilities in development, investment, and management. From the beginning, its activities extended beyond individual buildings: the group developed portfolios of residential, retail, office, commercial, and industrial assets and used investment vehicles to broaden its ownership and management base. A significant early institutional milestone came in November 2002, when Ascendas Real Estate Investment Trust was listed on the Singapore Exchange. Later renamed CapitaLand Ascendas REIT, the vehicle became a major listed business-space and industrial REIT. Its development reflected CapitaLand's broader approach of pairing real estate operations with capital-market platforms that could hold mature, income-producing assets. The group also maintained a substantial lodging business. The Ascott Limited had originated in 1984 with the opening of The Ascott Singapore, before becoming part of CapitaLand's international portfolio. Through Ascott and related brands, the group expanded into serviced residences and other forms of managed accommodation across major cities. This lodging presence complemented its property-development and investment activities by adding an operating business with recurring management relationships. CapitaLand's international growth included large mixed-use developments and branded projects such as Raffles City, as well as shopping centres associated with the CapitaMall format. Its geographic presence expanded across Asia and into Australia, Europe, the United Kingdom, and the United States. The group stated that it had a presence in more than 270 cities across over 45 countries. The company faced a notable legal dispute in the United Kingdom in the 2010s. After CapitaLand acquired London's Cavendish Hotel in 2012, it attempted to evict the Franses Art Gallery. The dispute eventually reached the United Kingdom Supreme Court in 2017, which ruled against CapitaLand and upheld the gallery's request for a new 15-year lease. The case became part of the public record concerning the group's property ownership and tenant relationships. In 2019, CapitaLand announced and completed the acquisition of Ascendas-Singbridge from Temasek Holdings. The transaction, reported at approximately S$11 billion, strengthened the group's business-space, industrial, logistics, infrastructure, and urban-development capabilities. In the same year, the group announced the merger of Ascott Residence Trust and Ascendas Hospitality Trust. The combination created a larger hospitality trust with reported combined assets of approximately S$7.6 billion. In January 2020, CapitaLand Mall Trust and CapitaLand Commercial Trust announced their merger. The resulting CapitaLand Integrated Commercial Trust became Singapore's largest REIT by reported asset base and one of the largest in the Asia-Pacific region. The transaction illustrated CapitaLand's continued use of consolidation and listed vehicles to assemble diversified portfolios of commercial and retail assets. A major corporate reorganisation was announced in March 2021. The plan separated CapitaLand's investment-management activities from its development business, with CapitaLand Investment becoming the listed investment-management platform. CapitaLand Investment began trading on the Singapore Exchange in September 2021 under the name CapitaLandInvest and stock code 9CI. The reorganisation created a clearer distinction between fee- and fund-management activities and the development-oriented operations that continued under the CapitaLand identity. Following the restructuring, CapitaLand-associated platforms continued to pursue targeted acquisitions. CapitaLand Ascendas REIT expanded its London data-centre presence through the reported 2023 purchase of the Chess Building from Digital Realty. In March 2024, CapitaLand India Trust acquired an industrial property in Pune from Nalanda Shelter Private for a reported 7.73 billion Indian rupees. These transactions reflected the group's continuing interest in specialised and income-producing real estate. CapitaLand has also remained subject to public scrutiny. In 2025, a Singapore civil lawsuit alleged that senior employees linked to the group accepted bribes from a contractor involved in India projects. The case was brought against a former director by a Singapore construction company; CapitaLand was not itself a party, and the allegations had not been established by a court at the time of the reported material. The episode should therefore be described as an allegation rather than a proven corporate misconduct finding.

2024
CapitaLand India Trust acquired a Pune industrial property
[1]CapitaLanden.wikipedia.org
The trust purchased an industrial asset from Nalanda Shelter Private in Pune, India.
2023
London data-centre portfolio expanded
[1]CapitaLanden.wikipedia.org
CapitaLand Ascendas REIT acquired the Chess Building data centre from Digital Realty.
2021
CapitaLand announced its business restructuring
[1]CapitaLanden.wikipedia.org
The proposed restructuring separated the listed investment-management platform from the development business.
2021
CapitaLand Investment began trading
[1]CapitaLanden.wikipedia.org
CapitaLand Investment debuted on the Singapore Exchange under the trading name CapitaLandInvest and code 9CI.
2020
CapitaLand Integrated Commercial Trust was created
[1]CapitaLanden.wikipedia.org
CapitaLand Mall Trust and CapitaLand Commercial Trust announced and implemented a merger into CICT.
2019
Ascendas-Singbridge acquisition completed
[1]CapitaLanden.wikipedia.org
CapitaLand completed its acquisition of Ascendas-Singbridge from Temasek Holdings.
2019
Ascott and Ascendas hospitality trusts agreed to combine
[1]CapitaLanden.wikipedia.org
The announced combination created a larger hospitality trust with reported combined assets of approximately S$7.6 billion.
2017
United Kingdom Supreme Court ruled in the Franses dispute
[1]CapitaLanden.wikipedia.org
The court ruled against CapitaLand and upheld the gallery's request for a new 15-year lease.
2012
CapitaLand acquired the Cavendish Hotel
[1]CapitaLanden.wikipedia.org
The acquisition preceded a lease dispute with the Franses Art Gallery that later reached the United Kingdom Supreme Court.
2002
Ascendas Real Estate Investment Trust listed
[1]CapitaLanden.wikipedia.org
The business-space and industrial REIT began trading on the Singapore Exchange and was later known as CapitaLand Ascendas REIT.
2000
Pidemco Land and DBS Land merged
[1]CapitaLanden.wikipedia.org
The merger formed CapitaLand Group Pte. Ltd., creating a major Singapore-based diversified real estate group.
1984
The Ascott Singapore opened
[1]CapitaLanden.wikipedia.org
The serviced-residence business that later became The Ascott Limited began with the opening of The Ascott Singapore.

Products and positioning

An institutionally scaled, diversified real estate owner, developer, and investment manager with strong Asian roots, international operations, and an emphasis on mixed-use assets, income-producing property, capital recycling, and sustainability.

Integrated mixed-use developments
Raffles City
Raffles City is a CapitaLand-associated mixed-use development format combining functions such as offices, retail, hotels, serviced residences, and residential property. Projects use a large-scale integrated design intended to create linked urban destinations rather than stand-alone buildings. The format has been deployed in major Asian cities and is among the group's most recognisable development concepts.
Shopping malls
CapitaMall
CapitaMall is the group's retail property format and brand family for shopping-centre assets. These malls typically combine food and beverage, fashion, services, entertainment, and community-oriented uses. The properties form part of CapitaLand's commercial portfolio and may be held directly, through investment vehicles, or within listed real estate trusts.
Serviced residences and lodging · 1984
The Ascott Limited
The Ascott Limited operates serviced residences and related accommodation brands for business and leisure travellers. Its portfolio developed from The Ascott Singapore, opened in 1984, and expanded internationally through owned, managed, and franchised properties. The business operates across numerous cities and countries and gives CapitaLand a global lodging and hospitality-management platform.
Real estate investment trust · 2020
CapitaLand Integrated Commercial Trust
CapitaLand Integrated Commercial Trust was formed through the combination of CapitaLand Mall Trust and CapitaLand Commercial Trust. It owns and manages a diversified portfolio of Singapore commercial properties, including retail and office assets. The trust represents CapitaLand's strategy of consolidating income-producing properties in listed investment vehicles.
Business-space and industrial real estate investment trust · 2002
CapitaLand Ascendas REIT
CapitaLand Ascendas REIT is a listed real estate investment trust focused on business-space, industrial, logistics, data-centre, and related properties. Originally listed as Ascendas Real Estate Investment Trust in 2002, it became an important platform for owning and managing diversified commercial and industrial assets across selected international markets.
India-focused real estate investment trust
CapitaLand India Trust
CapitaLand India Trust is a real estate investment vehicle focused on income-producing commercial and industrial property in India. Its portfolio and acquisition activity reflect CapitaLand's strategy of building specialised real estate exposure through listed or institutional capital structures.

Controversies

2025
Alleged bribery claims related to India projects
A Singapore civil lawsuit alleged that senior employees linked to CapitaLand accepted bribes from a contractor involved in India projects. The action was brought against a former director, CapitaLand was not a party, and the allegations had not been proven in court in the available reference material.
Source
2017
Franses Art Gallery lease dispute
CapitaLand's attempted eviction of the Franses Art Gallery from the Cavendish Hotel led to litigation in the United Kingdom. The Supreme Court upheld the gallery's request for a new 15-year lease and ruled against CapitaLand.
Source

2024
Acquire an industrial property in PuneM&A
Background
CapitaLand India Trust expanded its Indian industrial-property portfolio.
Action taken
The trust acquired an industrial property from Nalanda Shelter Private in Pune.
Aftermath
The transaction increased CapitaLand's exposure to India's industrial real estate market.
Reported acquisition price. INR 7.73 billion (March 2024)
Source
2023
Acquire the Chess Building data centreM&A
Background
CapitaLand Ascendas REIT continued expanding into specialised digital infrastructure in London.
Action taken
The REIT acquired the Chess Building data centre from Digital Realty.
Aftermath
The acquisition increased the REIT's London data-centre footprint to five facilities according to the reference material.
Reported acquisition price. £125.1 million (2023)
Source
2021
Separate investment management from developmentStrategy
Background
CapitaLand sought to clarify the distinction between its investment-management activities and its development operations.
Action taken
The group announced a restructuring and subsequently listed CapitaLand Investment on the Singapore Exchange.
Aftermath
CapitaLand Investment began trading in September 2021 under CapitaLandInvest and stock code 9CI, while development activities continued under the CapitaLand identity.
Source
2020
Merge CapitaLand Mall Trust and CapitaLand Commercial TrustM&A
Background
The two trusts combined their retail and commercial property portfolios to create a larger listed vehicle.
Action taken
CapitaLand announced and pursued the merger that formed CapitaLand Integrated Commercial Trust.
Aftermath
CICT became Singapore's largest REIT and one of the largest in the Asia-Pacific region by the reported asset base.
Reported asset base. S$22.4 billion (2020)
Source
2019
Acquire Ascendas-SingbridgeM&A
Background
CapitaLand sought to expand its business-space, industrial, logistics, infrastructure, and urban-development capabilities.
Action taken
It agreed to acquire Ascendas-Singbridge from Temasek Holdings and completed the transaction on 30 June 2019.
Aftermath
The acquisition materially broadened the group's real estate and urban-development platform.
Reported transaction value. (2019)
Source
2019
Combine Ascott Residence Trust and Ascendas Hospitality TrustM&A
Background
The group aimed to create a larger hospitality investment vehicle with broader scale.
Action taken
CapitaLand announced the merger of the two hospitality trusts.
Aftermath
The combination was described as creating Asia's largest hospitality trust at the time, with approximately S$7.6 billion in combined assets.
Combined assets. S$7.6 billion (2019)
Source

Recent events

Unconfirmed
CapitaLand and IOI Properties in talks to acquire One Raffles Place[3]凯德集团与IOI置业洽谈收购莱佛士坊一号orientaldaily.com.my
Reported: 2026-08-21
Market sources say CapitaLand and IOI Properties Group are close to an agreement to acquire the One Raffles Place office and retail complex in Singapore's central business district, potentially via a joint venture, at a price possibly slightly below S$2.4 billion. The property is currently 81.54% held by OUE REIT, with the remainder held by UOL Group's Khattar Holdings and UOB. IOI Properties has not yet responded.
2021-07-07
CapitaLand launches second India logistics fund[4]凯德集团推出第二支印度物流基金straitstimes.com
Reported: 2021-07-07
CapitaLand launched its second logistics private fund in India, valued at $400 million. The fund will invest in developing warehousing and manufacturing hubs in major and emerging cities.
2021-07-05
CapitaLand agrees to sell partial stakes in six Raffles assets to Ping An Life[5]凯德集团向平安人寿出售六个来福士资产组合的部分股权finance.sina.com.cn
Reported: 2021-07-05
CapitaLand agreed to sell partial stakes in six Raffles asset portfolios in China to Ping An Life Insurance. The transaction was expected to complete in the third quarter of 2021; CapitaLand would continue operating and managing the assets.
Unconfirmed
Ping An Life investment in six Raffles projects[6]平安人寿投资六个来福士项目house.jrj.com.cn
Ping An Life is investing up to RMB 33 billion in interests in six Raffles projects owned by CapitaLand; the transaction is expected to be completed in the third quarter of 2021. CapitaLand is to continue operating and managing the projects.
2021-06-21
CapitaLand acquires properties in Paris and Hanoi[7]凯德集团收购巴黎和河内两处物业sbr.com.sg
Reported: 2021-06-21
CapitaLand, through its wholly owned subsidiary Ascott Limited, acquired two properties in Paris and Hanoi for $210 million. The properties were acquired through the Ascott Serviced Residence Global Fund with Qatar Investment Authority; they are expected to open in 2024.
2021-06-11
CapitaLand establishes S$50 million innovation fund[8]凯德集团设立5000万新元创新基金eco-business.com
CapitaLand announced that it had set up a S$50 million innovation fund to support testbedding sustainability and other high-tech innovations in the built environment over a five-year commitment.
2021-06-11
CapitaLand Sustainability X Challenge names its winners[8]凯德集团设立5000万新元创新基金eco-business.com
At the inaugural CapitaLand Sustainability X Challenge finale, INOVUES, INC received the High Impact Award and Climatec Corp Pte Ltd received the Most Innovative Award; each winner was to receive S$50,000 to fund a pilot project with CapitaLand.
2021-04-28
CapitaLand to acquire hyperscale data centre campus in Shanghai[9]凯德集团拟收购上海超大规模数据中心园区sbr.com.sg
Reported: 2021-04-28
CapitaLand reported that it was acquiring a hyperscale data centre campus in Shanghai for $757.7 million (RMB3.66 billion). Completion was expected by the third quarter of 2021, subject to conditions precedent.
Unconfirmed
CapitaLand divests Japanese malls and Korean office building[10]凯德集团出售日本购物中心及韩国办公楼realassets.ipe.com
Reported: 2020-12-01
CapitaLand divested three retail malls in Japan and an office building in Korea for a total of S$448.7 million.
2020-11-10
CapitaLand launches Sustainability X Challenge[11]CapitaLand推出可持续发展X挑战赛eco-business.com
CapitaLand launched the inaugural CapitaLand Sustainability X Challenge, a global open call inviting companies to submit sustainability innovations for the built environment.

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