Real Estate Mumbai
CapitaLand Investment to Double Down on India, Aims to Reach S$14.8 Billion by 2028
By GeoSquare News Desk · Published 2024-09-04
Singapore's CapitaLand Investment (CLI) has announced plans to more than double its funds under management (FUM) in India by 2028, aiming to increase its current FUM of S$7.4 billion (INR 458.8 billion) as of June 30. This effort aligns with CLI's broader goal of reaching S$200 billion in FUM by 2028 globally.
The investment announcement by the leading Singapore group has come at a time when PM Narendra Modi has landed in Singapore. It will invest around Rs 90,000 crore in the next 4 years.
High Commissioner of Singapore posted on X handle, '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.'
CLI's journey in India began 30 years ago 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.
What does this mean for India? CapitaLand Investment, a leading global real estate investment manager, aims to significantly increase its investments in India by 2028. This indicates a strong vote of confidence in the country's economic growth and real estate sector.
Increased foreign investments can contribute to job creation, economic growth, and infrastructure development in India. CapitaLand's investment plans could have a positive ripple effect on the Indian economy.
The influx of foreign investment can lead to increased competition among developers, potentially resulting in better-quality projects, lower prices, and improved customer service.
Overall, CapitaLand's decision to expand its investments in India is a promising sign for the country's real estate market and economy. It reflects the growing confidence of international investors in India's potential and highlights the opportunities available for real estate development and growth.
PM Modi's visit to Singapore comes at a time when the country is looking to strengthen its economic ties with India. During his trip, he will meet with Singapore President Tharman Shanmugaratnam and former Prime Ministers Lee Hsien Loong and Goh Chok Tong. He will also engage in a business roundtable with local business leaders and hold discussions with key semiconductor industry players.