CapitaLand Investment (SGX:9CI) Stock on 10 December 2025: Share Price, Merger Talk With Mapletree, Q3 Numbers and 2026 Outlook

Singapore – 10 December 2025 – CapitaLand Investment Limited (“CLI”, SGX:9CI) is back in the spotlight as investors digest solid Q3 2025 business updates, fresh fund-raising milestones, and high‑profile merger speculation involving Mapletree Investments. At the same time, short‑term technical signals look cautious even as analysts continue to project double‑digit upside for the stock. ^[1]

CapitaLand Investment share price today

As of the morning session on 10 December 2025, CapitaLand Investment is trading around S$2.60, up about 0.39% on the day. ^[2]

That bounce comes after a soft session on Tuesday (9 December), when the stock slipped 0.77% to close at S$2.59, underperforming a slightly higher Straits Times Index. ^[3]

Short‑term price action has been choppy:

Over the last two weeks, CLI has lost around 1.5%, with prices oscillating within a narrow band. ^[4]
Technical research house StockInvest classifies the counter as a “sell candidate” in the near term, noting that the share price sits in the lower part of a narrow falling trend. ^[5]

For traders, this sets up a tug‑of‑war: fundamentals and broker targets point higher, but the chart is still working through a down‑sloping channel.

Q3 2025 business update: fee income up, investment income softer

On 6 November 2025, CapitaLand Investment released its 3Q 2025 business update, giving investors a clearer view of performance for the nine months to 30 September 2025. Key numbers from the SGX filing (as summarised by Tiger Brokers) were: ^[6]

Total revenue (YTD Sep 2025):S$1.568 billion
Fee‑related revenue:S$882 million, up year‑on‑year, driven by:
- Higher event‑driven fees from listed funds
- Contributions from new private funds
Real estate investment business (REIB) revenue:S$753 million, down 12% year‑on‑year, mainly due to:
- Deconsolidation of CapitaLand Ascott Trust (CLAS)
- Asset divestments (including Dalian Ascendas IT Park in China)
Equity raised YTD:S$3.7 billion across listed and private vehicles
Asset monetisation YTD:S$2.2 billion, ~30% from CLI’s own balance sheet
Funds under management (FUM): up to S$120 billion
Net debt‑to‑equity:0.43x, with S$6.4 billion of debt headroom and average debt maturity of 3.2 years
Group portfolio occupancy remained above 90% in most asset classes and markets.

From a fundamentals lens, this update reinforced the story of CLI as a capital‑light, fee‑income‑focused real estate investment manager:

The fee-income related business is growing and now accounts for a larger share of group revenue. ^[7]
The investment balance sheet is being recycled via divestments and IPOs (such as the China C‑REIT), freeing capital and generating promoted fees. ^[8]

Third‑party data from Simply Wall St, based on trailing twelve‑month figures to 30 June 2025, shows: ^[9]

Revenue of around S$2.49 billion
Earnings of about S$435 million
Net profit margin of roughly 17.5%, up sharply year‑on‑year
Earnings growth over the past year of about 170%, versus a more modest five‑year CAGR of ~1%

In other words: revenue is broadly stable/slightly down over time, but profitability has improved, helped by higher‑margin fee income and portfolio optimisation.

Strategic moves in 2025: funds, India, China and data centres

2025 has been busy for CLI on the capital‑raising and platform‑building front. Several headline initiatives stand out:

1. CLARA II: value‑add lodging fund beats target

On 5 November 2025, CapitaLand Investment announced the final close of the CapitaLand Ascott Residence Asia Fund II (CLARA II), a value‑add lodging private fund focused on Asia Pacific. Key points: ^[10]

Total commitments of US$650 million, exceeding the initial US$600 million target.
The fund is expected to add around US$1.6 billion to CLI’s funds under management.
About half of the equity is already deployed into three assets in Japan and Singapore.

CLARA II further deepens CLI’s lodging platform and underscores strong institutional appetite for Asia‑Pacific hospitality and housing exposure.

2. China C‑REIT and onshore fund strategy

CLI has also accelerated its “domestic‑for‑domestic” fund strategy in China:

On 29 September 2025, CLI sponsored the IPO of CapitaLand Commercial C‑REIT (CLCR) on the Shanghai Stock Exchange, raising about RMB 2.29 billion (~US$322 million). The IPO was multiple times oversubscribed and units opened roughly 20% above the issue price. ^[11]
Earlier, in May 2025, CLI launched its first onshore master fund in China, with RMB 5 billion in equity commitments, further boosting its recurring fee base in the country. ^[12]

Together, these vehicles both unlock capital from existing assets and grow recurring fee income from Chinese investors.

3. India as a core growth engine

In August 2025, CLI signed an MoU with the Maharashtra government to invest more than ₹19,200 crore (about S$2.8 billion) in Mumbai and Pune by 2030, focusing on business parks, data centres, logistics and industrial assets. ^[13]

Separately, in a December interview with The Economic Times, newly appointed India chairman and CEO of Alternatives & Private Funds Kishore Moorjani called India a “critical growth engine” in CLI’s plan to double its India funds under management, and confirmed that an India REIT remains under active evaluation. ^[14]

4. Data centres and “new economy” assets

CLI has continued to rotate towards data centres and logistics:

In February 2025, Reuters reported that CLI would invest over US$700 million to develop its first data centre in Japan, marking another step into the digital infrastructure space. ^[15]
The group has also been active in logistics and self‑storage, including acquisitions of self‑storage facilities in Tokyo and continued expansion of the Extra Space Asia self‑storage platform. ^[16]

Across these initiatives, the pattern is clear: CLI is tilting towards fee‑earning, new‑economy, and capital‑light vehicles, funded in part by recycling older assets.

Merger talk with Mapletree: huge potential, high uncertainty

One of the most closely watched storylines for CapitaLand Investment in late 2025 is a potential merger with Mapletree Investments, another Temasek‑linked real estate asset manager.

On 2 November 2025, The Wall Street Journal reported that Temasek‑owned Mapletree and CapitaLand Investment were considering a business combination that could create an Asia‑Pacific real estate powerhouse with more than US$150 billion in assets under management. ^[17]

Local coverage in The Straits Times soon after noted that the talks were in very early stages, and that a deal may or may not materialise. ^[18]

In response, CapitaLand Investment issued an SGX announcement on 3–4 November 2025, saying essentially that the company “does not comment on rumours or speculation”, without confirming or denying the report. ^[19]

If such a transaction ever happens, it could:

Create one of Asia’s largest diversified real estate investment managers
Deepen scale in logistics, data centres, offices and retail across Asia, Europe and the US
Potentially simplify Temasek’s portfolio structure, but also raise complex integration and governance questions

For now, the merger remains purely speculative. Investors are treating it as a medium‑term optionality kicker rather than a base‑case scenario.

Analyst ratings and price targets: 30–45% upside implied

Despite the recent share price softness, sell‑side analysts remain broadly bullish on CapitaLand Investment.

Local broker targets

Data aggregated by SGinvestors shows that, based on recent reports from five major Singapore brokerages, CLI has an average target price of about S$3.547, implying roughly 36% upside from the current S$2.60. ^[20]

Recent calls include:

DBS Research – BUY, TP S$3.65 (15 Aug 2025)
Maybank Research – BUY, TP S$3.30 (raised from S$3.22, 13 Nov 2025)
OCBC Investment – BUY, TP S$3.69 (7 Nov 2025)
Phillip Securities – BUY, TP S$3.65 (3 Oct 2025)
UOB Kay Hian – BUY, TP S$3.49 (25 Aug 2025)

All are Buy‑rated, and all targets sit comfortably above S$3.30.

Consensus from SGX / Beansprout

Investment platform Beansprout, using SGX consensus, shows a share price target of S$3.75 as of 10 December 2025, representing 44.2% upside from the current S$2.60. ^[21]

Global data providers

Fintel, which collates S&P Capital IQ data, reports an average one‑year price target of S$3.47, with a range from S$3.06 to S$4.52, implying around 33% upside from S$2.61 at the time of its latest update. ^[22]

Put simply, different datasets converge on a broad target zone of S$3.40–S$3.80, significantly above today’s price.

While each broker has its own detailed model, the broadly positive stance aligns with the fundamentals:

Growing fee‑related revenue and FUM
Continued asset recycling and capital‑light expansion
Diversified exposure across Asia and “new economy” sectors

Investors should remember these are forecasts, not guarantees – but the skew of professional opinion today is clearly constructive.

Technical analysis and near‑term trading outlook

Technical models currently paint a more cautious short‑term picture than the fundamental analysts.

StockInvest’s analysis of CLI (9CI.SI) as of 9 December 2025 highlights: ^[23]

The stock fell 0.77% on the last session, from S$2.61 to S$2.59.
Over the last two weeks, CLI has lost about 1.52%.
The share price is in the lower part of a narrow, falling short‑term trend, which they interpret as a negative signal.
Short‑ and long‑term moving averages both generate sell signals, with the long‑term average above the short‑term average.
Their model projects that, given the current trend, CLI could fall about 3.9% over the next three months, with a 90% probability of ending that period between S$2.47 and S$2.58.
For 10 December, they expected a fair opening price of S$2.60 and an intraday trading range of roughly S$2.57–S$2.61 (±1.35%).

Historically, the stock also registered a “Golden Star” technical signal (a rare alignment of short‑term average, long‑term average and price) in June 2025, which their framework treats as a longer‑term bullish indicator, even though the near‑term outlook is currently negative. ^[24]

In short: traders relying on charts might see more downside risk in the next few weeks, while longer‑term investors looking at fundamentals and valuations may see weakness as an accumulation opportunity. The tension between those two perspectives is exactly what creates a market.

Ownership structure: Temasek‑linked majority shareholder

Ownership is another important part of the story.

A recent analysis (via Simply Wall St, republished on Webull and Yahoo Finance) shows that: ^[25]

Private companies own about 54% of CapitaLand Investment.
The largest shareholder, Bartley Investments Pte. Ltd., holds around 54% of the company.
Bartley Investments is an indirect subsidiary of Temasek Holdings, via Tembusu Capital.
Individual (retail) investors own around 34% of the shares.
Institutional investors hold roughly 12%.

This structure has several implications:

With Temasek‑linked Bartley as majority owner, CLI has a very strong sponsor and relatively low risk of hostile corporate action.
On the other hand, the free float is limited, which can cap trading liquidity and concentrate voting power.
Insider ownership in personal names is low (under 1%), which is typical for large, state‑linked corporates.

For investors, this means CLI is very much a Temasek‑backed “platform play” on Asian real estate and funds management.

Dividend profile and valuation context

CLI has positioned itself as a yield plus growth name rather than a pure high‑yield REIT.

In May 2025, the company paid a dividend of S$0.12 per share, which StockInvest calculates as a yield of about 4.7% at the time. ^[26]
At the current share price of S$2.60, that same payout would equate to a trailing yield of roughly 4.6% (before any changes in future dividends).

Fundamental metrics from Simply Wall St show: ^[27]

Earnings have grown modestly on average over five years, but surged in the last twelve months.
Return on equity remains in the mid‑single digits (around 4–5%), still below what many investors would consider high for an asset‑light manager.

This combination – moderate yield, improving but not stellar ROE, and strong asset backing – helps explain why the sell‑side sees upside from current levels, but the market is not pricing CLI at a “growth stock” multiple yet.

Key risks and what to watch in 2026

Against this backdrop of positive fund‑raising and broker optimism, several risks and watchpoints remain:

Interest rate and macro backdrop
- Global rate cuts would support cap rates and valuations; a “higher‑for‑longer” scenario would keep pressure on property values and funding costs.
China property and fund flows
- CLI’s China exposure – including the new C‑REIT and onshore funds – depends on confidence in the Chinese property and credit markets. Policy mis‑steps or slower‑than‑expected recovery could weigh on valuations. ^[28]
Execution in India and data centres
- Turning the ₹19,200 crore Maharashtra MoU into profitable projects and successfully building out the Japan data centre will be key proof points for CLI’s “new economy” strategy. ^[29]
Merger uncertainty
- Any transaction with Mapletree – if it happens – will come with integration, governance and valuation questions. Conversely, no deal might disappoint investors who are already pricing in some optionality. ^[30]
Short‑term technical pressure
- If the current downtrend persists, technical selling and algorithmic strategies could keep a lid on the share price even if fundamentals remain intact. ^[31]

Upcoming catalysts include:

FY 2025 results (around February 2026, based on prior years’ schedules)
Updates on CLARA II deployment and further private fund launches
Any concrete announcements (or explicit denials) around Mapletree merger discussions
Progress towards an India REIT or new India‑focused funds

Bottom line: how CapitaLand Investment stock looks on 10 December 2025

As of 10 December 2025, CapitaLand Investment sits at an interesting crossroads:

The share price (S$2.60) is hovering near the lower edge of its recent range, with short‑term technical models flashing cautious signals. ^[32]
Under the hood, the company has delivered a solid 3Q 2025 update, lifted fee‑related revenue, grown FUM to around S$120 billion, raised S$3.7 billion of equity YTD, and monetised S$2.2 billion of assets – all while keeping leverage reasonable. ^[33]
Strategically, CLI has closed a US$650 million lodging fund, pushed deeper into China’s onshore fund and REIT markets, and committed to large‑scale growth in India and data centres. ^[34]
Analyst communities in Singapore and globally still see 30–45% upside over the next year, with unanimous Buy ratings among major local brokers and consensus targets clustering between S$3.40 and S$3.80. ^[35]