- CapitaLand Investment (SGX:9CI)'s 9M25 revenue came in at S$1.57bn (-25% y-o-y), slightly below expectations (70% of FY25e forecast). The decline was mainly due to CapitaLand Ascott Trust (CLAS) deconsolidation. Excluding this, total revenue rose 2% y-o-y. Real Estate Investment Business (REIB) revenue fell 12% y-o-y (ex-CLAS) due to asset divestments, while the Fee Income-related Business (FRB) revenue grew 7% y-o-y, supported by higher event-driven fees from listed funds management and contributions from SC Capital Partners (SCCP).
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The Positives
9M25 FRB revenue continues to grow (+7% y-o-y).
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- Lodging management fees rose 3% y-o-y, supported by 5.8k units opened year-to-date (vs. 7.2k in 9M24) and a 2% y-o-y increase in RevPAU, while commercial management was flat. FUM grew S$3bn q-o-q to S$120bn.
Increased fundraising momentum and capital deployment.
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