Local developer heads for global ranks, more deals in store for sector

By Goola Warden / The Edge Singapore | December 20, 2019 6:00 PM SGT
SINGAPORE (EDGEPROP) - The local property market — which was subjected to cooling measures and experienced oversupply in the past decade — may be small, but in the 2020s, a home-grown developer will rank among global real estate companies such as Brookfield Asset Management, Unibail-Rodamco-Westfield (a merger formed with the former Westfield Corp) and Lendlease Group.
Lee Chee Koon, CEO of CapitaLand, told investors and analysts during the group’s Investor Day on Nov 29: “Our ambition is to become a global company. In five to eight years’ time, we hope CapitaLand is one of the top three to five names that come to mind when investors talk about a global company.” If the developer realises this ambition, it will be the first Asian company to break into global ranks.
The path to globalisation for CapitaLand took a serious turn on Jan 14 when CapitaLand announced a merger with Ascendas- Singbridge (ASB).
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