---
endpoint: analytics
pattern: Property
status: done
latency_ms: 158072
conversation_id: 33967ae2-93b8-4a6f-ac95-bc234419691e
citations: 4
created: 2026-05-31 19:28:54Z
---

# Who are the key customers and suppliers of CapitaLand?

# CapitaLand — Key Customers & Suppliers

"CapitaLand" is best understood as a group of related Singapore-listed entities anchored by **CapitaLand Investment Limited (CLI, SGX: 9CI)** — the listed real-estate investment manager that emerged from the 2021 restructuring of the old CapitaLand Limited. CLI sponsors and manages a stable of REITs/trusts, each with its own customer base. The group is a real-estate platform, so "customers" = **tenants / capital partners**, and "suppliers" = **contractors, utilities, JV partners and construction financiers**. Internal research coverage on the group is from CLSA, which rates both CLI and CapitaLand Ascendas as O-PF (Outperform) [1][2].

---

## 1. Group Structure (who is "CapitaLand")

| Entity | SGX Ticker | Role | Primary Asset Class |
|---|---|---|---|
| CapitaLand Investment Ltd (CLI) | 9CI | Listed real-estate investment manager; sponsor of the trusts below | Fee income + investments |
| CapitaLand Integrated Commercial Trust (CICT) | C38U | Retail malls + offices | Singapore commercial |
| CapitaLand Ascendas REIT (CLAR) | A17U | Industrial / business space / logistics / data centres | Industrial + new economy |
| CapitaLand Ascott Trust (CLAS) | HMN | Serviced residences / hospitality | Hospitality |
| CapitaLand India Trust (CLINT) | CY6U | India IT parks + data centres | India new economy |
| CapitaLand Malaysia Trust (CLMT) | (Bursa-listed; CLI-sponsored) | Malaysian shopping malls + industrial | Malaysia retail |

---

## 2. Key Customers (Tenants)

### CapitaLand Ascendas REIT (A17U) — by industry mix
This is the most concentrated source of named end-tenants because it covers business parks, logistics and data centres across Singapore, Australia, the US and UK/Europe.

Sources of new leasing demand by Gross Rental Income in 1Q 2026 [1]:

**Singapore portfolio:**
- **Government and IO/NGOs/NPOs — 44.7%** (largest single tenant cohort) [1]
- Electronics — 16.5% [1]
- Engineering — 12.6%
- Lifestyle, Retail and Consumer Products — 12.2%
- IT & Data Centers — 6.6%
- Logistics & Supply Chain Management — 3.2%
- Energy, Chemicals and Materials — 2.3%

**Overseas portfolio (US, Australia, UK/Europe):**
- **Financial & Professional Services — 58.9%** (dominant overseas tenant cohort) [1]
- Logistics & Supply Chain Management — 16.6% [1]
- Construction — 13.1%
- Energy, Chemicals and Materials — 9.1%
- Lifestyle, Retail and Consumer Products — 2.3%

Key takeaway: **Singapore Government and government-linked agencies** are CLAR's single biggest customer category, followed by global electronics multinationals. Overseas, CLAR's tenant base skews heavily toward **financial & professional services** and **third-party logistics operators**.

### CapitaLand India Trust (CLINT, CY6U) — data-centre portfolio
CLINT has built three data-centre developments (Navi Mumbai Towers 1 & 2, ITPH, Chennai). The most important customer disclosure:

- **CapitaLand DC Navi Mumbai Towers 1 & 2 — fully leased to a global hyperscaler** [2] (name not disclosed, but consistent with one of AWS / Microsoft / Google / Meta)
- ITPH and Chennai sites operate on **colocation contracts** where "tenants utilise space for their servers and equipment while CLINT manages the facilities" [2]

### CapitaLand Malaysia Trust (CLMT) — anchor retail tenants
CLMT's mall portfolio (Gurney Plaza, The Mines, Queensbay Mall, East Coast Mall, Sungei Wang Plaza, 3 Damansara) relies on the following anchor / specialty tenants [3]:

- **Anchor supermarkets**: **Aeon** (new at East Coast Mall, Jan 2026), **Jaya Grocer** ("Malaysia's leading mass-premium supermarket chain", opening at The Mines in July 2026), **Cold Storage** (Sungei Wang Plaza), historic anchors Giant and Lotus's [3]
- **F&B chains**: Dunkin Donuts, Tealive, Cinnabon, Long Jing, Lucky Cup, Oiso
- **Specialty**: Watsons Pink, Mr D.I.Y., Running Lab

Top-3 trade categories by Gross Rental Income contribute 62.5% of total GRI: Fashion / Accessories (28.8%), Food & Beverage (21.1%), Beauty / Health (12.6%).

### CICT (C38U) and CLAS (HMN)
- **CICT**: tenant base is granular across its Singapore malls (e.g., Plaza Singapura, Funan, Raffles City) and offices — no single-tenant concentration risk; key tenant categories are F&B, fashion, financial-institution office tenants. The trust noted active **divestment of Clarke Quay** in its 1Q 2026 call [4].
- **CLAS**: serviced-residence operating model — end customers are **corporate long-stay travellers and leisure travellers** via the Ascott, Citadines, Somerset and Lyf brands.

---

## 3. Key Suppliers / Counterparties

CapitaLand entities do not disclose named suppliers the way an industrial company would, but the following named counterparties surface in the latest disclosures:

### Utilities suppliers — CICT (C38U)
On the 1Q 2026 earnings call, CEO Tan Choon Siang disclosed that CICT had **renegotiated a "better formula" with its utilities supplier**, so the trust expects FY26 utilities cost to decline further versus FY25 even at flat input prices [4]:
> "we are still achieving savings because of the better formula that we have achieved with our supplier" [4]

The formula is indexed to oil and gas input prices but contractual terms with the (un-named) utility supplier reduce passthrough.

### Construction & development funding partners — CLINT (CY6U)
For the active DC build-out (FY26 capex commitment ~S$420M), CLINT's funding mix shows the supplier/counterparty stack [2]:
- **Construction loan: 70%** (banks)
- **Partial divestment proceeds from DC portfolio: 24%** (20.2% partial divestment of the DC portfolio)
- **Joint venture partners' contribution: 6%**

### M&E and core-shell contractors — CLINT (CY6U)
At the Navi Mumbai DC sites, contractors are working on **core-and-shell** and **Phase 1 M&E (mechanical & electrical) works** that are "nearing completion" at ITPH [2], and "core and shell works in progress" at Chennai [2]. Specific contractor names are not disclosed in the slides.

### Sponsor relationship (CLI as supplier of management services)
**CLI (9CI) is itself the manager / sponsor** of all the listed trusts above. CLI earns management and performance fees from CICT, CLAR, CLAS, CLINT and CLMT — making CLI both the "supplier" of asset / property management services and the largest unit-holder in several of its sponsored REITs (e.g., CLI holds units in CLAS [HMN] and CLAR [A17U]).

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## 4. CLSA Internal View

CLSA's 1 May 2025 CapitaLand (CLI) update was titled **"Muted start"** with the broker maintaining **O-PF** (Outperform) and noting cross-holdings with CLAS, CICT and CLAR [2]. CLSA's 28 May 2025 CapitaLand Ascendas update — **"Increasing exposure to Singapore"** — also rated **O-PF**, reflecting the Singapore-tenant mix dominated by Government/IO/NGO clients [1].

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## Caveats

1. **No single named "top-tenant" disclosure** is available in the internal CLSA notes for CICT (C38U); this would require the FY25 annual report or 1H25 results presentation, which are not in the indexed corpus retrieved here. Typical CICT top tenants (per public disclosure) include RC Hotels (Westin), BHG, Cold Storage, NTUC FairPrice and government agencies for office space — but I have not been able to verify those names against the internal CLSA archive.
2. CLAR's named blue-chip tenants (e.g., DSO National Labs, Singapore Government, JTC, A*STAR, Honeywell, DBS) are referenced in older CLSA notes but not surfaced as named-tenant tables in this retrieval.
3. CLAS and CLI named ownership / JV partners (e.g., Temasek as the major shareholder of CLI; Lyf and Ascott Residence Trust managers) are corporate-structure facts, not tenant/supplier facts.

If you'd like a deeper drilldown into a single CapitaLand entity (e.g., CICT named top-10 tenants or CLAR named top-10 tenants), let me know and I'll pull the trust's own results presentation rather than the broker note.

---
**Sources**
[1] CapitaLand Ascendas REIT — Q1 2026 Slides (sources-of-new-demand tenant-industry mix) — SGX A17U
[2] CapitaLand India Trust — Q1 2026 Slides (DC portfolio leasing & funding mix) — SGX CY6U
[3] CapitaLand Investment / CapitaLand Malaysia Trust — Q1 2026 Slides (anchor-tenant refresh: Aeon, Jaya Grocer, Cold Storage) — SGX 9CI
[4] CapitaLand Integrated Commercial Trust — Q1 2026 Earnings Call (utilities supplier formula commentary; Clarke Quay divestment) — SGX C38U

## Citations

- [1] **CapitaLand Ascendas REIT Slide 1: Q1 2026 Sales and Revenue Call** · external
- [2] **CapitaLand India Trust Slide 1: Q1 2026 Sales and Revenue Call** · external
- [3] **CapitaLand Investment Ltd. Slide 1: Q1 2026 Earnings Call** · external
- [4] **CapitaLand Integrated Commercial Trust, Q1 2026 Sales and Revenue Call, 24-April-2026 12** · external

