Money flows to India as PM Modi visits Singapore, CapitaLand promises Rs 90,200 crore by 2028

Sept. 4, 2024, 10:20 a.m.

Read time estimation: 3 minutes.

  1

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.

Advertisement In a post on X, the Singapore High Commissioner stated: “Singapore's CapitaLand, a major Asian real estate conglomerate, intends to increase its assets under management in India by more than double, exceeding S$14.8 billion (over 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. Good to see 🇸🇬 companies doubling down on investments in 🇮🇳! HC Wong https://t.co/2xqROjij7o

— Singapore in India (@SGinIndia) September 4, 2024 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.

Advertisement “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 CEO of CLI also indicated that the company would explore potential ventures in the renewable energy and real estate private credit sectors within India.

In August of this year, CLI launched a dedicated fund for business park development in India, anticipated to increase its assets under management by S$700 million.

CLI, headquartered in Singapore, established its presence in India by developing its inaugural IT park, International Tech Park Bangalore (ITPB), through Ascendas. In 2015, Ascendas merged with Singbridge to create Ascendas-Singbridge, which later consolidated with CapitaLand in 2019. Following CapitaLand’s restructuring, CLI was listed as a separate entity in 2021.

CLI boasts 14 business and IT parks across major Indian cities including Bangalore, Chennai, Hyderabad, Pune, Mumbai, and Gurugram, spanning a total area of 23.5 million square feet.

With inputs from agencies.