Singapore’s CapitaLand Investment Limited (CLI) heads into the weekend with investors parsing a steady drumbeat of corporate updates: a China-focused fundraising milestone, a clean-up of dormant US entities, and continued expansion bets in data centres, lodging and cross-border retail.
Because 20 December 2025 is a Saturday, there were no new trading prints on SGX today. The most recent session (Friday, 19 December 2025) saw CLI shares close at S$2.69, up 1.89%, with about 12.17 million shares traded—bringing the stock’s short-term narrative back to its familiar theme: fee growth and capital recycling vs. macro headwinds in property markets. [1]
Below is a roundup of the latest news, forecasts and notable analysis available as of 20 December 2025, and what market watchers are likely to focus on next.
CapitaLand Investment share price today: where SGX:9CI stands
CLI closed the week at S$2.69 (Dec 19), after trading between S$2.64 and S$2.69 during the session. [2]
Over the last month (late November to Dec 20 window shown by market data providers), the stock traded mostly in a tight band around the mid-S$2.60s, with a one‑year change cited at about +5.49% and a 52‑week range of roughly S$2.37 to S$2.87. [3]
That range matters because it frames the current debate: is CLI a “rate-sensitive property name,” or a “real-asset manager” that deserves a different valuation lens—closer to global fee businesses than traditional developers?
The latest company headlines investors are digesting this weekend
1) CLI places 14 dormant US subsidiaries into members’ voluntary liquidation
On 18 December 2025, CLI announced that 14 US-incorporated subsidiaries—including entities such as CLI Atlas Heronfield LLC, CLI Canterra LLC, CLI Sienna LLC, and others—were placed under members’ voluntary liquidation. CLI said the subsidiaries had ceased business activities and were dormant, and the liquidation is not expected to have any material impact on the group’s net tangible assets or earnings per share for the financial year ending 31 December 2025. [4]
In stock terms, this reads as housekeeping rather than a strategy shift—but housekeeping can still matter when investors are laser-focused on capital discipline, simplification, and governance.
2) CLI granted share awards under its Restricted Share Plan 2021
On 1 December 2025, CLI disclosed the grant of 21,728 shares under the CapitaLand Investment Restricted Share Plan 2021, with the market price (last done) on the grant date cited at S$2.66 per share. The awards are time-based and are set to vest 50% in March 2026 and 50% in March 2027; none were granted to directors or controlling shareholders. [5]
This is small in size, but it adds to the “alignment and retention” narrative common among asset managers.
The China fundraising update: RMB Master Fund momentum (and why it’s important for the stock)
Closing China Retail RMB Fund I (CRF I): RMB1 billion fund size, RMB1.48 billion targeted FUM addition
CLI’s most material December headline is its 11 December 2025 announcement that it had closed its second onshore sub-fund under the CLI RMB Master Fund: China Retail RMB Fund I (CRF I).
Key disclosed details include:
- Total fund size: RMB1.0 billion (about S$183 million in the release)
- Expected to add RMB1.48 billion to CLI’s funds under management (FUM) when fully deployed
- Seed asset: CapitaMall Xinduxin in Qingdao, gross floor area 141,000 sqm, committed occupancy about 99.6%, connected to subway Line 3
- CLI said it has raised nearly RMB55 billion of domestic capital across nine onshore funds since 2021
- Management also referenced recapitalising around RMB6.7 billion of assets in China since the start of the year, reinforcing the “domestic-for-domestic” strategy [6]
A separate report similarly described the close at RMB1 billion and reiterated the RMB1.48 billion expected FUM uplift when deployed. [7]
Why markets care: in an asset manager, FUM growth isn’t just bragging rights—it’s the base from which recurring management fees (and sometimes performance fees) can grow. And the “domestic-for-domestic” framing is doing narrative work: it positions CLI as building RMB platforms with local capital, potentially reducing reliance on cross-border fundraising cycles.
How big is CLI today?
In the same December 11 news release, CLI described itself as having S$120 billion of FUM as at 5 November 2025. [8]
A separate company profile data point cited S$117 billion in total FUM as of 30 June 2025. [9]
Those figures help contextualise CRF I: it’s meaningful, but it’s also part of a broader compounding story rather than a one-off swing factor.
Beyond China: lodging, data centres, and cross-border retail are still front and centre
Lodging fundraising: CLARA II closed at US$650 million
In early November, Reuters reported that CLI closed its value-add lodging private fund, CapitaLand Ascott Residence Asia Fund II (CLARA II), with US$650 million in commitments—above a US$600 million target—adding about US$1.6 billion to total FUM, with roughly half the equity already allocated to assets in Japan and Singapore. [10]
This supports a recurring theme across 2025: the firm’s lodging platform (Ascott) is not merely an operator—it’s increasingly part of a capital engine designed to attract third-party money.
Data centres: SC Capital breaks ground on a US$600 million Osaka project
On 5 December 2025, The Business Times reported that SC Capital Partners began construction of an Osaka data centre project with 100MW of allocated power, with the first phase involving around US$600 million in total investment and operations slated to begin in early 2028. The report added that SC Capital is 40% owned by CapitaLand Investment after CLI bought a S$280 million stake earlier in 2025. [11]
And the macro wind is broadly behind the sector: Reuters reported on 19 December 2025 that Japan is planning a major data-centre hub in Toyama prefecture as demand for AI-related services grows, noting an expectation that Japan’s data-centre market could nearly double to over 5 trillion yen by 2028. [12]
CLI doesn’t need to “own all the data centres” for this to matter. If it can manage capital and earn fees from building and operating platforms in hot sectors, that’s the asset‑manager playbook.
Johor-Singapore SEZ retail: Coronation Square Mall partnership
On 24 November 2025, The Business Times reported that CLI was appointed by Coronade Properties to shape the retail vision for Coronation Square Mall, described as set to be the largest mall in Johor Bahru’s city centre when completed. The mall is part of a RM5 billion integrated development in Johor Bahru’s Ibrahim International Business District, within the Johor-Singapore Special Economic Zone. Construction is expected to begin in 2026 and the mall is targeted for completion in 2029, with Ascott also managing the hotel component. [13]
This is less about near-term earnings and more about extending CLI’s commercial and lodging management footprint into a cross-border growth corridor.
Leadership and product expansion: a new CEO for alternatives and private funds
CLI also appointed Kishore Kamlesh Moorjani as CEO, Alternatives, Private Funds, and Chairman, CLI India, effective 18 November 2025. The SGX filing states he will spearhead and expand CLI’s alternatives business, including credit strategies, and be part of the senior leadership team executing growth across multiple real estate asset classes. [14]
That appointment is notable because “alternatives” and “private credit” are where many global asset managers are chasing higher-fee, stickier capital.
Macro reality check: property headwinds in China (and policy signals to watch)
CLI is building RMB platforms and recapitalising prime assets—but it does so against a China property backdrop that remains visibly weak.
Reuters reported that China’s property investment fell 15.9% year-on-year in January–November 2025, while new construction starts and funding raised also declined, underscoring ongoing strain in the sector. [15]
Separately, Reuters reported that new home prices fell 0.4% month-on-month and 2.4% year-on-year in November 2025, with economists expecting continued weakness into 2026 due to structural issues and excess supply. [16]
At the same time, policy conversations around REITs are getting louder. Reuters reported Chinese officials calling for expansion of REIT offerings—including potentially allowing more commercial properties—to help steady the sector and support liquidity. [17]
And Reuters has described rapid growth in China’s private REIT market as an alternative funding path, with record fundraising reported for 2025. [18]
For CLI shareholders, the balancing act is clear: China is both opportunity (domestic capital platforms) and risk (property demand and pricing).
Analyst forecasts for CapitaLand Investment stock: what the Street expects
Consensus rating: generally positive, but targets vary
MarketScreener’s consensus snapshot shows:
- Mean consensus: BUY
- Number of analysts: 15
- Last close price: S$2.690
- Average target price: S$3.428 (about +27.43% implied upside vs last close) [19]
TradingView’s forecast page lists:
- Price target: S$3.44
- Range: S$3.03 to S$4.30
- Overall analyst rating computed as “strong buy” based on 11 analysts over the past three months (as aggregated by the platform). [20]
A separate compilation of Singapore broker targets shows an average target of S$3.547 (about 31.9% upside) and lists targets and “buy” ratings from institutions including DBS, OCBC, and Maybank (among others). [21]
Fintel’s compiled forecast data also pegs the average one-year price target around S$3.47, with a stated range from S$3.06 to S$4.52. [22]
How to read this without getting hypnotised by decimals: most aggregators cluster around a “mid‑S$3” fair value view, but the spread is wide enough to signal that assumptions (rates, China recovery path, fundraising pace, and fee margins) matter a lot.
Earnings calendar: when the next update could move the stock
Market calendars point to mid-February 2026 as the next major scheduled catalyst. One calendar lists 18 February 2026 as a projected Q4 2025 earnings release date. [23]
Other market calendar providers point to 19 February 2026 for the next earnings report. [24]
These dates can shift, but the broader takeaway is that the next full-year update window is approaching—and with it, guidance on fundraising, fee income, and capital recycling.
Dividend outlook: what forecasts are implying
Dividend expectations are often part of CLI’s appeal for income-oriented investors.
One consensus-based estimate expects CLI to pay S$0.12 dividend per share in 2025, broadly in line with the prior year’s dividend per share. [25]
A separate dividend profile places CLI’s dividend yield around the mid‑4% area and notes an “analyst forecast (up to 3 years)” yield around 4.7% (as presented by that provider). [26]
Another dividend summary calculates a yield in the mid‑4% range using S$0.12 against a ~S$2.69 share price. [27]
As always: dividends are board decisions, and asset managers’ payouts can be influenced by realised performance fees, market cycles, and capital needs. But as of 20 December 2025, the “base case” from multiple forecast aggregators looks like stability rather than a dramatic step up or down.
What could move CapitaLand Investment (SGX:9CI) next?
Going into the final stretch of 2025 and early 2026, the most plausible stock drivers look like:
- Fundraising cadence: further closes under the RMB Master Fund, new private vehicles, or re-ups on existing strategies (especially in logistics, business parks, lodging, and private credit). [28]
- China risk indicators: data on sales, prices and investment (still weak per Reuters) and policy signals on REIT expansion and liquidity support. [29]
- Digital infrastructure monetisation: leasing progress and execution milestones tied to SC Capital’s Osaka build, and broader regional demand for capacity. [30]
- Capital recycling and simplification: more asset recapitalisations or corporate clean-ups like the dormant-subsidiary liquidation move. [31]
- Results season: the mid-February reporting window, when investors will look for evidence that “FUM up” is translating into fee income up and resilient earnings quality. [32]
Bottom line
As of 20 December 2025, the near-term CLI story is less about a single headline and more about the accumulation of small, compounding actions: raising local capital in China, recycling mature assets into fee-paying vehicles, expanding exposure to structural growth areas like data centres and lodging, and tidying up dormant entities.
The analyst community—at least as aggregated by multiple market trackers—leans constructive, with many targets clustering in the S$3.4–S$3.5 area versus the most recent close at S$2.69, while acknowledging meaningful macro uncertainty (especially China property). [33]
References
1. www.investing.com, 2. www.investing.com, 3. www.investing.com, 4. repository.shareinvestor.com, 5. links.sgx.com, 6. repository.shareinvestor.com, 7. www.dealstreetasia.com, 8. repository.shareinvestor.com, 9. www.morningstar.com, 10. www.reuters.com, 11. www.businesstimes.com.sg, 12. www.reuters.com, 13. www.businesstimes.com.sg, 14. links.sgx.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.marketscreener.com, 20. www.tradingview.com, 21. sginvestors.io, 22. fintel.io, 23. www.marketscreener.com, 24. www.tipranks.com, 25. growbeansprout.com, 26. simplywall.st, 27. stocksguide.com, 28. repository.shareinvestor.com, 29. www.reuters.com, 30. www.businesstimes.com.sg, 31. repository.shareinvestor.com, 32. www.marketscreener.com, 33. www.marketscreener.com
