 "Money flows to India as PM Modi visits Singapore, CapitaLand promises Rs 90,200 crore by 2028")
Moments ahead of Prime Minister Narendra Modi touching down Singapore for a two-day historic visit on Wednesday, Singapore’s CapitaLand Investment (CLI) announced to more than double its funds under management (FUM) in India by 2028 from S$7.4 billion (INR 458.8 billion) as of June 30.
This major investment will help CLI’s global target of achieving S$200 billion in FUM by 2028.
CLI, which is a leading global real estate investment manager, will be investing around Rs 90,200 crore in the next 4 years. This indicates a firm confidence in the country’s economic growth and real estate sector.
In a post on X, High Commissioner of Singapore said: “Singapore’s CapitaLand, one of Asia’s largest diversified real estate groups, plans to more than double its funds under management in India to more than S$14.8 billion (>INR 90,280 Cr) by 2028.”
Singapore's CapitaLand, one of Asia's largest diversified real estate groups, plans to more than double its funds under management in India to more than S$14.8 billion (>INR 90,280 Cr) by 2028.
— Singapore in India (@SGinIndia) September 4, 2024
Good to see 🇸🇬 companies doubling down on investments in 🇮🇳! HC Wong https://t.co/2xqROjij7o
The development is significant as it comes ahead of PM Modi’s meeting with the business community in Singapore. He will also be meeting President Tharman Shanmugaratnam.
The announcement also comes at the time CLI marks its 30th anniversary of operations in India. CEO of CLI, Lee Chee Koon said that India has been one of his company’s fastest growing markets where its investments have tripled in the last seven years.
“With India’s GDP forecasted to grow 7 per cent in 2024 and its trajectory to be the world’s third-largest economy in the next five years, the country is attracting global investors for quality real assets,” Koon said.
“The country is attracting demand from global corporations and institutional investors for quality real assets,” Koon further said.
The CLI CEO also said that his company would explore opportunities to enter the renewable energy and real estate private credit segments in the country.
In August this year, CLI launched a fund for business park development in India, which expected to add S$700 million to its funds under management.
Singapore-headquartered CLI began its journey in India with the development of its first IT park, International Tech Park Bangalore (ITPB), through Ascendas. In 2015, Ascendas merged with Singbridge to form Ascendas-Singbridge, which later merged with CapitaLand in 2019. Following CapitaLand’s restructuring, CLI was listed in 2021.
CLI has 14 business parks and IT parks spanning 23.5 million square feet of space across Bangalore, Chennai, Hyderabad, Pune, Mumbai, and Gurugram.
With inputs from agencies.
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