CapitaLand Investment Reports Stable Q1 Performance with S$650 Million Revenue

CapitaLand Investment (CLI) disclosed a total revenue of S$650 million for the first quarter ending March 2024, showcasing a marginal decline of 0.2% compared to the same period last year.

Fee-Income Growth: Fee-income-related business revenue surged by 7% year-on-year to S$274 million, driven primarily by increased contributions from commercial, lodging, and listed funds management segments.

Real Estate Investment Business: Revenue in this segment declined by 4% to S$430 million due to asset divestments and lower revenue from the lodging platform, Synergy, partially offset by higher contributions from Japan.

Regional Performance: North Asia, excluding China, demonstrated robust growth with a 14% increase in revenue per available unit (RevPAU). RevPAU in other regions like the Middle East, Turkey, India, and Singapore surpassed pre-Covid levels, while Europe experienced a slight occupancy drop due to renovation activities.

Market Prospects: Solid performance was observed in Singapore and India, while China continued to face challenges amid macroeconomic weaknesses. CLI remains optimistic about the market turnaround in China.

Funds Under Management: CLI achieved funds under management of S$100 billion as of April 25, 2024, with plans to expand this figure to S$200 billion by 2028 through organic growth and strategic initiatives, including mergers and acquisitions.

Despite varied market prospects, CLI maintains a positive outlook, aiming for sustainable growth and expansion in the coming years.