CapitaLand to double India investments from $3.3b to $7b by 2024

The company plans to increase commercial space from 17.4 million sqft to 40 million sqft.

Since completing its $11b acquisition of Ascendas-Singbridge in June 2019, CapitaLand is expanding 17.4 million sqft of commercial space comprising business and IT parks, industrial and logistics properties in Bangalore, Chennai, Gurgaon, Hyderabad, Mumbai and Pune.

Also read: Daily Briefing: CapitaLand's Ascott adds 14 new global properties; Air taxis to be trialed in southern Singapore.

80% of the portfolio is under Ascendas India Trust and two private funds Ascendas India Growth Programme and Ascendas India Logistics Programme, and 20% is under its balance sheet.

CapitaLand’s business parks in India have an occupancy rate of over 95% catering to both multinational corporations and local companies that employ over 120,000 skilled professionals.

The target is to double CapitaLand’s business and IT parks, industrial and logistics properties to about 40 million sq ft by 2024.

CapitaLand also has a network of more than 1,500 units across 10 lodging properties owned by its lodging business unit, Ascott.

Three properties are operating in Chennai and Mumbai, and seven serviced residences are to be opened by 2022. This includes Ascott Ireo City Gurugram, the first Square Gurugram, and Citadines Sri City, all slated to open in 2020.

Once completed, CapitaLand’s developments underway in India include 17.9 million sqft of business park space in Bangalore, Chennai, Gurgaon, Hyderabad and Pune.

Another 7.2 million sqft through forward purchases have been signed up and are under construction. This includes IT parks in Mumbai and Hyderabad, a seventh warehouse at Arshiya Free Trade Warehousing Zone, Panvel, near Navi Mumbai, and BlueRidge 3, an IT/ITES Special Economic Zone development in Hinjewadi Phase 1 in Pune.

CapitaLand will also be building up a logistics asset portfolio in India with 4.3 million sqft planned for development.