CapitaLand

Formation and early years (2000-2005)

On 21 November 2000, CapitaLand listed on the Singapore Exchange following the merger of Pidemco Land and DBS Land, creating one of Asia’s largest listed property companies with total assets of approximately S$18 billion.

CapitaLand listed CapitaMall Trust, Singapore's first real estate investment trust (REIT), on 17 July 2002. This was followed by the listing of CapitaCommercial Trust, Singapore’s first commercial REIT, in May 2004.

CapitaLand established its China office in 2001 and opened Raffles City Shanghai in 2004. Raffles City Shanghai was one of the largest property investments undertaken by a Singapore consortium, amounting to US$350 million (RMB2.9 billion). Raffles City, CapitaLand’s integrated development concept, originated in Singapore with the opening of Raffles City Singapore in 1986 by DBS.

In 2002, CapitaLand’s serviced residence arm, The Ascott Limited, acquired a 50% interest in Citadines, a pan-European serviced residence chain. Ascott completed the acquisition of Citadines in 2004, expanding Ascott’s European footprint.

In 2005, CapitaLand established its philanthropic arm, CapitaLand Hope Foundation. The Foundation focuses on building resilience in the communities where it operates through educational, healthcare and well-being support for vulnerable children, youth and seniors.

International expansion (2006-2015)

CapitaLand expanded its REIT platform with the listing of Ascott Residence Trust and CapitaRetail China Trust in Singapore in 2006. This was followed by the listing of CapitaMalls Malaysia Trust in Malaysia in 2010.

CapitaLand opened Raffles City developments in Beijing in 2009, Chengdu in 2012 and Ningbo in 2012. It also opened ION Orchard in 2009 and CapitaGreen in 2015 in Singapore.

In 2013, CapitaLand completed The Interlace, a 1,040-unit condominium in Singapore. The Interlace was recognised as the ‘World Building of the Year’ at the 2015 World Architecture Festival.

In 2015, CapitaLand renamed three of its REITs under a unified CapitaLand brand. CapitaCommercial Trust became CapitaLand Commercial Trust, CapitaMall Trust became CapitaLand Mall Trust and CapitaRetail China Trust became CapitaLand Retail China Trust.

In the same year, CapitaLand established the Ascott Global Serviced Residence Fund, which acquired two assets in Paris and Tokyo.

Transformation (2016–2020)

In 2019, CapitaLand acquired Ascendas-Singbridge in an S$11 billion deal, forming one of Asia’s largest diversified real estate groups. The acquisition expanded CapitaLand’s portfolio in business parks, logistics and industrial properties, and urban development. Ascendas REIT and Ascendas India Trust also became part of CapitaLand.

Following the acquisition, Ascott Residence Trust and Ascendas Hospitality Trust merged, creating Asia Pacific’s largest hospitality trust with S$7.6 billion in combined assets.

CapitaLand properties completed in 2019 included Jewel Changi Airport and Raffles City Chongqing.

In 2020, CapitaLand Mall Trust and CapitaLand Commercial Trust merged to form CapitaLand Integrated Commercial Trust, the largest Singapore REIT at the time and one of Asia Pacific’s largest REITs with a portfolio value of S$22.4 billion.

Strategic Restructuring and Growth (2021-present)

In 2021, CapitaLand restructured its business by privatising its real estate development business, CapitaLand Development, and listing its real estate investment management business, CapitaLand Investment, on the Singapore Exchange. CapitaLand Investment began trading on 20 September 2021 under the stock code 9CI.

CapitaLand Investment connects institutional capital to real asset opportunities through its globally integrated fund management platforms, with a focus on growing fee-income. CapitaLand Development builds urban spaces in its core markets of Singapore, China and Vietnam.

In 2021, CapitaLand Retail China Trust was renamed CapitaLand China Trust following the expansion of its investment mandate beyond retail properties to include asset classes such as business parks and logistics parks.

In 2022, CapitaLand Investment adopted unified branding across its listed funds, renaming Ascendas REIT, Ascott Residence Trust and Ascendas India Trust as CapitaLand Ascendas REIT, CapitaLand Ascott Trust and CapitaLand India Trust, respectively.

In 2025, CapitaLand Investment acquired Wingate Holdings, an Australian private credit investment manager. It also acquired a 40% stake in SC Capital Partners, an Asia Pacific real estate investment manager, with an agreement to acquire the remaining stake in phases by 2030. The transactions expanded CapitaLand Investment’s institutional investor network and increased its funds under management by S$13 billion. Through SC Capital Partners’ stake in Japan Hotel REIT manager, CapitaLand Investment entered Japan’s REIT market and strengthened its position as one of Asia Pacific’s largest REIT managers by market capitalisation.