CapitaLand Investment (SGX: 9CI) Stock on 5 December 2025: Share Price, Mapletree Merger Buzz and 2026 Outlook

CapitaLand Investment Limited (CLI), one of Singapore’s flagship real estate managers, is ending 2025 in that curious state of being both “busy on the ground” and “stuck on the chart”.

As of late morning on 5 December 2025, the stock is trading at around S$2.61, essentially flat on the day and slightly negative over the past year, despite a steady pipeline of new funds, growth initiatives and talk of a potential mega‑merger with Mapletree. ^[1]

Below is a dive into the latest numbers, deals, merger speculation and the range of forecasts swirling around CLI right now.

CapitaLand Investment share price today (5 December 2025)

Last traded price: ~S$2.61 (midday, 5 Dec 2025) ^[2]
Market cap: about S$13.0 billion ^[3]
Trailing revenue: roughly S$2.49 billion over the last twelve months ^[4]
Price‑to‑earnings (P/E): around 30x, well above the Singapore market average ^[5]
52‑week trading range: approximately S$2.37 – S$2.87 ^[6]
1‑year performance: down about 5–6%; roughly –28% over three years since listing ^[7]

In other words, the market is currently valuing CLI like a growth‑oriented asset‑light manager (high P/E, low yield), but the price has drifted sideways‑to‑down even as the business itself has kept adding funds and platforms.

Q3 / 9M 2025 results: fee income up, investment income reset

CLI’s 3QFY2025 business update covers the nine months to 30 September 2025 and is the most current snapshot of the underlying business.

Headline numbers

9M 2025 total revenue:S$1.568 billion
- The Edge Singapore reports this as a 7% year‑on‑year increase, driven by stronger fee income and new funds. ^[8]
Fee‑related revenue (FRR): up to S$882 million, supported by higher event‑driven fees from listed funds and contributions from new vehicles. ^[9]
Real estate investment business (REIB) revenue: about S$753 million, down roughly 12% y‑o‑y, mainly due to the deconsolidation of CapitaLand Ascott Trust (CLAS) and asset divestments. ^[10]

Broker commentary (e.g. Phillip Securities) points out that if you exclude the CLAS deconsolidation, total revenue would have risen by around 2% y‑o‑y, but reported figures show a roughly 25% decline, reflecting the change in consolidation scope. ^[11]

So depending on which lens you use:

Structurally adjusted view: underlying revenue creeping higher.
Headline consolidated view: revenue appears to have stepped down after CLAS moved off the balance sheet.

Fundraising and capital recycling

The 2025 narrative is dominated by CLI’s fund platform rather than pure property ownership:

Equity raised YTD (9M 2025): about S$3.7 billion
- S$2.1 billion from private funds (up 31% y‑o‑y), including series follow‑ons in lodging and credit.
- S$1.6 billion from listed funds, including the CapitaLand Commercial C‑REIT (CLCR) listing in Shanghai, which opened about 20% above its IPO price. ^[12]

This is exactly the behaviour you’d want to see from an “asset‑light, fee‑heavy” manager: raise capital into funds, take fees, recycle capital.

Lodging and commercial management

Lodging management FRR: up 5% y‑o‑y to S$259 million, with 13,500 units signed across 64 properties year‑to‑date. ^[13]
RevPAU (revenue per available unit): up 2% y‑o‑y, helped by higher occupancy and rates. ^[14]
Commercial FRR: nudged higher to around S$282 million. ^[15]

Balance sheet & debt

As at end‑September 2025:

Debt headroom: about S$6.4 billion
Net debt / equity:0.43x
Interest coverage ratio:3.8x
Average debt maturity: around 3.2 years ^[16]

This gives CLI decent flexibility to do deals, especially if rates continue to drift down, as Singapore analysts expect for 2026. ^[17]

New funds and platforms: lodging, private credit, self‑storage and data centres

CLI has kept itself busy in 2025 adding more “capital engines” – funds and platforms that generate fee income and diversify earnings.

1. Lodging: CLARA II beats its fundraising target

On 5 November 2025, CLI announced the final close of CapitaLand Ascott Residence Asia Fund II (CLARA II):

Total commitments:US$650 million, beating its original US$600 million target. ^[18]
Expected to add around US$1.6 billion of assets to CLI’s funds under management (FUM) once fully deployed. ^[19]
Focus: value‑add lodging and housing assets across major Asia‑Pacific cities, with roughly half the equity already deployed across assets in Japan and Singapore. ^[20]

Reuters also notes that as of 13 August 2025, CLI’s total FUM stood at about S$117 billion, underlining its scale as a regional manager. ^[21]

2. Private credit: South Korea fund and the push into real estate debt

In February 2025, CLI closed its first South Korea private credit fund with total equity commitments of KRW 180 billion (about S$169 million), boosting its South Korea FUM to around S$3.1 billion. ^[22]

The fund targets real estate credit, including construction loans and mortgage‑backed financing, with the first deal reportedly a KRW 40 billion loan to a data centre project in Seoul. ^[23]

This fits a broader theme: banks pull back on property lending; private credit steps in. CLI is clearly trying to ride that wave rather than get crushed by it.

3. Self‑storage: Extra Space Asia’s S$100m expansion

CLI’s self‑storage platform Extra Space Asia (ESA) has been an under‑the‑radar growth story in 2025:

ESA is investing nearly S$100 million in:
- Its first build‑to‑suit flagship self‑storage facility in Singapore (Kaki Bukit Avenue 5, ~185,000 sq ft, targeted completion by 2028).
- The acquisition of three freehold self‑storage facilities in Tokyo. ^[24]
This pushes ESA’s network to over 100 self‑storage facilities across Asia, with a portfolio of roughly 3 million sq ft and average occupancy above 90%. ^[25]
ESA aims to grow its portfolio to about S$2 billion by 2028 and has highlighted strong sustainability credentials (EDGE certifications, Green Mark ambitions). ^[26]

Self‑storage sits nicely in the “new economy” bucket: relatively resilient, high‑margin, and not directly tied to the traditional office/retail cycle.

4. Data centres and India logistics

PR and news releases through 2025 show CLI pushing further into data centres (including a land parcel in Osaka for its first Japan data centre) and logistics/infrastructure via acquisitions and MoUs, notably:

A memorandum of understanding with the Maharashtra Government to invest over INR 19,200 crore by 2030 across data centres, logistics parks and business parks. ^[27]

Taken together, these initiatives tilt CLI’s portfolio toward “new economy” real assets and credit strategies, which tend to command higher management fees and more durable earnings.

Johor Bahru’s Coronation Square Mall: cross‑border retail bet

On 24 November 2025, CLI announced a partnership with Coronade Properties to develop Coronation Square Mall in Johor Bahru, positioned as the city centre’s largest retail landmark. ^[28]

Key details:

About 1.2 million sq ft of gross floor area. ^[29]
Integrated with the Bukit Chagar RTS Link station, which will connect directly to Singapore and is expected to open at the end of 2026. ^[30]
Part of a larger mixed‑use development including offices, residences and a hotel managed by CLI’s Ascott arm. ^[31]

The Straits Times notes that CLI’s shares closed at S$2.65 on 28 November, up 1.9% for that week, with the Johor project highlighted as a positive catalyst. ^[32]

It’s a classic CapitaLand move: attach yourself to a cross‑border infrastructure node and build a large mixed‑use ecosystem around it.

Mapletree merger speculation: mega‑platform or mega‑headache?

One of the biggest storylines this quarter has been the idea of a possible merger between CapitaLand Investment and Mapletree Investments.

What the reports say

In early November, The Wall Street Journal and other outlets reported that Temasek‑owned Mapletree Investments and listed CapitaLand Investment are exploring a business combination that could create an Asia‑Pacific real estate giant with over US$150 billion in assets. ^[33]
The talks are reportedly very preliminary, with groundwork potentially starting in 2026, and no assurance of an eventual deal. ^[34]

CLI’s official response was deliberately bland: it “does not comment on rumours or speculation”, as noted in The Exchange Asia and other coverage. ^[35]

Why the market cares

A combination of CLI and Mapletree would:

Create one of Asia’s largest real estate asset managers by FUM. ^[36]
Potentially rationalise overlapping REITs and private funds under a larger, integrated platform.
Give Temasek a more streamlined listed vehicle and clearer global “champion” in real assets.

But it would also bring the usual caveats: integration risk, governance questions, regulatory approvals in multiple jurisdictions, and potential conflicts between different REIT unitholder bases. The Edge Singapore explicitly flags “challenges of a CLI‑Mapletree get‑together” in a recent broker‑style commentary. ^[37]

For now, this is a theme, not a forecast. Nothing is committed, and investors should treat the merger talk as strategic background noise rather than a base case.

Analyst ratings and fundamental valuation

On the sell‑side, CapitaLand Investment currently wears a bright green “BUY” sticker almost everywhere you look.

Street targets and upside

According to SGX and broker compiled data:

Consensus share price target: about S$3.75, implying ~44% upside versus today’s S$2.61. ^[38]
A separate compilation at SGinvestors shows an average target of ~S$3.55, implying roughly 36% upside. ^[39]

Recent target prices include: ^[40]

DBS Research:S$3.65, rating BUY
Maybank Research:S$3.30, BUY (raised from S$3.22)
OCBC Investment Research:S$3.69, BUY
Phillip Securities:S$3.65, BUY
UOB Kay Hian:S$3.49, BUY

DBS, for example, highlights CLI as a leading Asia real estate manager with a scalable platform, an asset‑light strategy, and a long‑term target to grow FUM toward S$200 billion via new funds, acquisitions and M&A. ^[41]

Phillip Securities emphasises increasing fundraising momentum, noting the S$3.7 billion equity raised year‑to‑date and the strong contributions from the fee‑related business, which now accounts for more than half of revenue. ^[42]

Is the stock expensive?

That depends on whose model you trust.

Simply Wall St pegs CLI’s P/E at about 30.7x, and argues that while this is high versus the Singapore market, it’s partly justified by expected EPS growth of around 24% per year over the next three years, versus roughly 13% for the broader market. ^[43]
At the same time, their intrinsic value model suggests the stock is trading at roughly a 57% premium to their estimate of fair value, making it look expensive on a discounted‑cash‑flow style framework. ^[44]

So fundamentals are sending mixed messages:

Street brokerage view: quality platform, resilient fee income, attractive upside from FUM growth – hence “BUY” and high targets. ^[45]
Quant/value screens: CLI may already be pricing in a hefty chunk of that future growth, at least on some intrinsic‑value models. ^[46]

Short‑term technical outlook and trading signals

Technical and quantitative sites give a different – more short‑term – flavour of “forecast”.

StockInvest.us: cautious hold in a falling trend

As of the 4 December 2025 close (S$2.61), StockInvest.us upgraded CLI from “Sell candidate” to “Hold/Accumulate”, but still paints a mildly negative near‑term picture: ^[47]

Price fell 0.38% that day (S$2.62 → S$2.61), with intraday range S$2.60–2.62.
Over the last 10 trading days, the stock is down about 0.38%, with low intraday volatility (~1.3% average).
Their model expects the stock to fall about 4.2% over the next three months, with a 90% probability range of S$2.47–S$2.58 at the end of that period, based purely on recent price trends.
Support is seen at around S$2.60, with resistance near S$2.63–2.65; they cite “very low risk” due to tight trading ranges.

This is pure price‑action analysis – no view on fundamentals – but for traders it suggests a sideways‑to‑slightly‑down bias unless a clear breakout above the mid‑2.60s occurs.

Macro backdrop: lower rates, stronger REIT sentiment

CLI doesn’t operate in a vacuum; its earnings are intertwined with the health of Singapore’s REIT and property markets, which are themselves rate‑sensitive.

A recent sector piece from The Edge Singapore notes that: ^[48]

3Q 2025 performance across Singapore REITs has been “resilient”, with stable operating metrics and distributions.
The three‑month SORA (Singapore Overnight Rate Average) has fallen to about 1.24%, trending toward forecasts of 1.1% by year‑end.
The 10‑year Singapore government bond yield is hovering around 1.9%, with REIT yields offering about a 370 bps spread, roughly one standard deviation above the historical mean.

Lower rates and tighter credit spreads tend to lower funding costs for CLI’s listed funds (like CLAR, CLAS and CLCT) and can kick‑start more transactions – which in turn drives fee‑related revenue.

Key risks and pressure points

Even with the nice FUM charts, CLI is not a risk‑free story. Key issues to keep in mind:

Valuation risk
- A ~30x P/E multiple and consensus targets 35–45% above spot price leave limited margin of safety if earnings growth underwhelms or rates back up again. ^[49]
Interest rate & credit cycle
- If global rates fall more slowly than expected, refinancing for REITs and private funds might remain expensive, delaying acquisitions and capital deployment – and thus fee growth. ^[50]
Property market exposure (especially China and regional markets)
- CLI manages assets and funds across Asia including China, Japan, South Korea and India. Weakness in any of these property markets (or their currencies) can affect valuations, rental growth and transaction volumes.
Execution on new platforms
- The South Korea private credit fund, Extra Space Asia growth, CLARA II, data centres and India MoUs all assume disciplined deployment and stable credit conditions. Mis‑steps or slower deployment would drag on returns. ^[51]
Merger uncertainty with Mapletree
- If talks advance, investors will have to price in integration risk, governance questions and potential dilution or restructuring of the REIT ecosystem – all before any synergy upside is visible. ^[52]

Bottom line: how does CapitaLand Investment look on 5 December 2025?

Putting it all together:

Operationally, CLI is doing what a listed real asset manager is supposed to do: grow FUM, launch new funds (lodging, private credit, self‑storage), recycle capital and push into higher‑margin new‑economy sectors. ^[53]
Financially, fee‑related revenue is rising and balance sheet headroom looks comfortable, but the investment‑property earnings base has been reset downward by the CLAS deconsolidation. ^[54]
On the market, the stock is treading water around S$2.61, even as consensus targets cluster in the mid‑S$3s, and the technical picture suggests modest downside or sideways drift in the near term. ^[55]
Strategically, the possibility of a Mapletree tie‑up adds an extra layer of optionality – and uncertainty – that the market has not yet fully priced in either way. ^[56]

For investors, the core question is whether you believe:

CLI can continue compounding fee income and FUM at a pace that justifies a high‑20s/low‑30s earnings multiple, and
The macro environment (rates, property demand, capital flows) will co‑operate long enough for that compounding to show up in earnings and distributions.

Analysts overwhelmingly say “yes”, quantitative valuation models are more sceptical, and the share price today sits somewhere in between those narratives.

Either way, CapitaLand Investment is one of the more important “platform bets” in the Singapore market right now – and 2026 will likely hinge on whether all those new funds and platforms translate into the earnings growth the current valuation is quietly demanding.