[GAGA REALTY] [JOINT VENTURE] [GAGA HOMES]
Singapore real estate conglomarate CapitalLand is preparing to double down on its investments in India to more than $14.8 billion. The Singapore envoy to India Simon Won took to social media platform X to make the announcement, appreciating the move. “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,” said High Commissioner to India Simon Wong.— sginindia (@sginindia) $14.8 billion by 2028 in Indian bizCapitaLand Investment (CLI), celebrating its 30th anniversary in India, has set the ambitious target to double its investment in the subcontinent to over $14.8 billion by 2028, the Edge reported. “India is a strategic market for us and a key contributor to CLI’s overall business. India has been one of our fastest-growing markets, where our investments have tripled in the last seven years. With India’s GDP forecasted to grow 7% in 2024 and its trajectory to be the world’s third-largest economy in the next five years, the country is attracting demand from global corporations and institutional investors for quality real assets,” CLI’s Group CEO, Lee Chee Koon told the Edge.“Given our deep expertise in the country and the strong tailwinds, we are confident of more than doubling our current FUM of $7.4 billion in India by 2028. This is also aligned with our priority on geographical diversification to achieve better capital rebalancing,” Koon added.“India presents tremendous potential for CLI. We will drive growth through our listed CapitaLand India Trust (CLINT) and our private funds. We have successfully established four private funds across logistics and business parks, and we see opportunities for data centre funds in India riding on the country’s fast-growing digital economy,” Sanjeev Dasgupta, CEO, CLI India told the Edge.“We will leverage our operational expertise to grow the value of our assets, further expand our logistics footprint under our established logistics platform, Ascendas-Firstspace (AFS) and scale up our lodging portfolio through CLI’s lodging arm, The Ascott Limited. CLI remains focused on delivering sustainable returns to our capital partners as we continue to contribute to India’s vibrant economic landscape and the local community.”How Capitaland entered IndiaCLI first entered the Indian market 30 years ago with the development of International Tech Park Bangalore (ITPB) via Ascendas. Ascendas merged with Singbridge to form Ascendas-Singbridge in 2015, which subsequently merged with CapitaLand in 2019. Following the restructuring, CLI was listed in 2021.Today, the group operates 14 business parks and IT parks across Bangalore, Chennai, Hyderabad, Pune, Mumbai, and Gurgaon, spanning 23.5 million square feet. CLI plans to accelerate development activities to meet the rising demand for premium office spaces in metropolitan areas and will continue to seek prime assets through CapitaLand India Trust (CLINT) to ensure sustained growth.The group also focuses on expanding its logistics and industrial portfolio. Since entering this space in 2016, CLI now manages 9.1 million sq ft across 12 logistics and industrial assets under AFS and additional properties under CLINT.For data centres, CLI aims to address the needs of enterprise and hyperscale clients through CLINT by developing four state-of-the-art, sustainable data centres in Mumbai, Chennai, Hyderabad, and Bangalore, with a total power capacity of 244 megawatts. The group’s initial data centres in Navi Mumbai and Hyderabad are expected to begin operations in 2025, the Edge reported further. In lodging, CLI’s arm, The Ascott Limited, operates seven properties across six cities and plans to add eight more in the next few years, including new openings in Goa and Gurugram in 2024. CLI is also exploring opportunities in the renewables market and real estate private credit in India. The Indian government’s target of 500 gigawatts of renewable energy by 2030 presents significant growth prospects. Additionally, the real estate private credit sector, with an estimated $170 billion financing opportunity between 2024 and 2026, is gaining traction among institutional investors.
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