---
endpoint: analytics
pattern: Property
status: done
latency_ms: 131149
conversation_id: 882dc85d-3e2b-44f4-827c-633340339346
citations: 2
created: 2026-05-31 18:16:41Z
---

# Who are the key shareholders of CapitaLand?

# Key Shareholders of CapitaLand Investment Limited (SGX: 9CI)

CapitaLand was restructured in 2021: the listed entity today is **CapitaLand Investment Limited (CLI, ticker 9CI on SGX)**, while the privately-held parent **CapitaLand Group Pte. Ltd. (CLG)** holds the development business. The ownership of the listed CLI flows through a multi-layer holding chain ultimately controlled by Singapore's sovereign wealth vehicle **Temasek Holdings**.

## Top-of-Stack: Temasek Holdings (Ultimate Controlling Shareholder)

Per CLI's most recent Annual Report (period ending 31-Dec-2025), based on **4,992,256,802 issued shares** (excluding treasury shares), the substantial shareholders' interests are disclosed as follows [1]:

| Substantial Shareholder | Direct Interest | Deemed Interest | Total | % |
|---|---|---|---|---|
| **CapitaLand Group Pte. Ltd. (CLG)** | 2,693,106,549 | — | 2,693,106,549 | **53.9457%** |
| CLA Real Estate Holdings Pte. Ltd. | — | 2,693,106,549 | 2,693,106,549 | 53.9457% |
| TJ Holdings (III) Pte. Ltd. | — | 2,693,106,549 | 2,693,106,549 | 53.9457% |
| Glenville Investments Pte. Ltd. | — | 2,693,106,549 | 2,693,106,549 | 53.9457% |
| Mawson Peak Holdings Pte. Ltd. | — | 2,693,106,549 | 2,693,106,549 | 53.9457% |
| Bartley Investments Pte. Ltd. | — | 2,693,106,549 | 2,693,106,549 | 53.9457% |
| Tembusu Capital Pte. Ltd. | — | 2,701,880,049 | 2,701,880,049 | **54.1214%** |
| **Temasek Holdings (Private) Limited** | — | 2,704,111,752 | 2,704,111,752 | **54.1661%** |

## Ownership Chain (Direct Holder → Ultimate Parent)

The 53.95% direct stake held by CLG is deemed up the chain to Temasek via Section 4 of the Singapore Securities and Futures Act 2001 [1]:

**CapitaLand Group Pte. Ltd. (CLG)** — direct registered holder, 53.95% — 100% owned by →
**CLA Real Estate Holdings Pte. Ltd.** (formerly Ascendas-Singbridge) — 100% owned by →
**TJ Holdings (III) Pte. Ltd.** — 100% owned by →
**Glenville Investments Pte. Ltd.** — 100% owned by →
**Mawson Peak Holdings Pte. Ltd.** — 100% owned by →
**Bartley Investments Pte. Ltd.** — 100% owned by →
**Tembusu Capital Pte. Ltd.** — 100% owned by →
**Temasek Holdings (Private) Limited** — ultimate parent, ~54.17% deemed interest [1]

The incremental stakes at the **Tembusu (+0.18%)** and **Temasek (+0.05%)** levels reflect additional shares held directly by other Temasek subsidiaries outside the CLG chain [1].

## Sell-side / Free Float Snapshot

CLSA's 1 May 2025 company update (priced 30 April 2025) confirms the picture from the institutional view [2]:
- **Shares in issue**: 5,100.4m
- **Free float (est.)**: 99.5% (Temasek's 50%+ block is treated as the controlling stake; the rest of the register is widely held)
- **Foreign shareholding**: 50.0%
- **Major shareholders**: Temasek — listed at ~50.5% in CLSA's tearsheet (vs. ~54.2% in CLI's own AR, the difference being denominator/timing of the deemed-interest computation) [2]

## Historical Trajectory of Temasek's Stake

Temasek's deemed interest has trended up modestly through buybacks reducing the denominator:

| Period (Annual Report) | Temasek Deemed Interest |
|---|---|
| FY2021 AR | ~52.76% [3] |
| FY2022 AR | ~53.04% [3] |
| FY2024 AR | ~53.28% |
| FY2025 AR (latest) | **~54.17%** [1] |

## Key Takeaways

- **Single dominant shareholder**: Temasek Holdings controls **~54%** of CLI directly through a chain of wholly-owned Singapore holding companies, with CapitaLand Group Pte. Ltd. as the immediate registered holder [1].
- **Effective free float is ~46%** of issued shares once Temasek's controlling block is excluded — institutional and retail investors hold the balance.
- **No other substantial shareholders (>5%)** are disclosed in CLI's Register of Substantial Shareholders — every name on the list above is a layer of the same Temasek-controlled holding chain, deemed via SFA Section 4 rather than independent stakes [1].
- The CLG holding chain is the same vehicle that controls CLI's listed REIT/Trust affiliates as **sponsor** (CICT, CLAR, CLAS, CLCT, CLINT, CLMT) — CLI itself holds 17–41% sponsor stakes in each of those REITs [2].

---

**Sources**
[1] CapitaLand Investment Limited — Annual Report for period ending 31-Dec-2025 (Register of Substantial Shareholders, Section 3.2)
[2] CLSA — "CapitaLand – O-PF (Muted start)" (1 May 2025), document 607957865LinqAlpha.PDF
[3] CapitaLand Investment Limited — Annual Reports FY2021 / FY2022 (Section 3.2)

## Citations

- [1] **CapitaLand Investment Ltd. (0P7H2B-E) - Annual Report for period end 31-Dec-2025 (English) - PDF - 1 / 2** · external
- [3] **Annual Reports and Related Documents** · external

