From the Wall Street Journal, November 2:
The two property developers could start laying the groundwork for the process as early as next year
Two of Singapore’s biggest real-estate asset managers are exploring a merger that could create one of Asia-Pacific’s top property companies with more than US$150 billion in assets under management, people familiar with the process said.
Temasek-owned Mapletree Investments and Singapore-listed CapitaLand Investment
are considering a potential business combination, people familiar with the matter said. The two property developers are likely to start laying the groundwork for the process as early as next year, the people said.
The plans are in the very initial stages, and a deal may or may not materialize, the people said.
“CapitaLand Investment remains committed to delivering long-term shareholder value and routinely evaluates investment opportunities aligned with its strategy,” a spokesperson said, adding that the company doesn’t comment on rumors or speculation.
Temasek and Mapletree Investments both declined to comment.
One person said the process is part of the recent moves by Temasek-owned entities to evaluate options for growing their businesses into larger, stronger global entities. Temasek owns 100% of Mapletree Investments and 54% of CapitaLand Investment.
In 2023, Temasek portfolio companies Keppel Offshore & Marine and Sembcorp Marine merged to form Seatrium, creating a unified entity that ranks among the world’s leading rig builders. In 2021, CapitaLand announced a comprehensive restructuring plan that brought together its multibillion-dollar fund-management and hospitality businesses.
As of Aug. 13, 2025, CapitaLand Investment had 117 billion Singapore dollars in assets under management, equivalent to around US$90 billion, held via stakes in seven listed real-estate investment trusts and business trusts....
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