- CapitaLand Investment provided a business update for 1Q26. It recorded total revenue of S$487m (including corporate and others of -S$21m), which was a decline of 2% on a y-o-y basis. This was driven largely by a 14% y-o-y fall in real estate investment business (REIB) revenue to S$207m, which in turn was due to the absence of contributions from the exit of the Synergy platform (US corporate housing) in Aug 2025, as well as divestments.
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Solid fee related revenue growth outweighed by lower REIB revenue
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- Within its fee businesses, listed funds management revenue jumped 14% y-o-y, private funds management revenue surged 58% y-o-y, and commercial management revenue increased 3% y-o-y, while lodging management revenue was flat y-o-y in the absence of event driven fees.
- Its lodging management business was supported by a 3% y-o-y rise in revenue per available unit (RevPAU) to S$80. This was supported by a 3ppt improvement in occupancy. Based on current forward bookings, occupancy still appears healthy although there is some softness in average daily rates (ADR).
- For the overall fee related revenue segment, there was a slight compression in margins (as a percentage of FUM) by 3bps q-o-q to 82bps.
Funds platform progress remains constructive, although capital deployment turning more cautious.
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