Singapore/New Delhi, September 6, 2024 – Singapore’s CapitaLand Investment announced on Wednesday its ambitious plan to more than double its funds under management (FUM) in India by 2028, from the current S$7.4 billion (USD 5.66 billion) as of June 30. The real estate investment manager’s announcement comes just hours before Indian Prime Minister Narendra Modi’s two-day visit to Singapore, underscoring the deepening economic ties between the two nations.
CapitaLand’s expansion in India is part of its broader global strategy to achieve S$200 billion in FUM by 2028. The Group CEO, Lee Chee Koon, highlighted India’s growing appeal, stating, “The country is attracting demand from global corporations and institutional investors for quality real assets.” He further noted that CapitaLand is exploring opportunities to enter the renewable energy and real estate private credit segments in India.
The company’s recent launch of a fund dedicated to business park development in India, which is expected to add S$700 million to its FUM, reflects its commitment to capitalizing on India’s burgeoning market.
Prime Minister Narendra Modi arrived in Singapore on Wednesday for a two-day visit aimed at strengthening the strategic partnership between India and Singapore and attracting investment from the Southeast Asian nation. The visit, at the invitation of Singaporean Deputy Prime Minister Lawrence Wong, marks Modi’s fifth official trip to Singapore.
Upon his arrival, PM Modi expressed his enthusiasm for the meetings ahead, stating on social media, “Landed in Singapore. Looking forward to the various meetings aimed at boosting the India-Singapore friendship. India’s reforms and the talent of our Yuva Shakti make our nation an ideal investment destination.”
During his visit, Modi is scheduled to engage with three generations of Singapore’s leadership and receive an official welcome at the Parliament House on Thursday. He will also meet with President Tharman Shanmugaratnam, marking an important diplomatic engagement following both leaders’ recent electoral victories.
Modi’s trip to Singapore follows his visit to Brunei, where he made the first-ever bilateral visit by an Indian prime minister to the Southeast Asian country. The prime minister is accompanied by key officials, including Minister of External Affairs S Jaishankar and National Security Advisor Ajit Doval, signaling the significance of this visit in fostering India’s relations with Southeast Asia.
