Singapore real estate major to enter India

Also exploring realty services including mall & facilities management.

CapitaLand, one of the largest listed property companies in Asia, is planning to enter the Indian market.

Jennie Chua, chairman and chief executive officer of Raffles Hotels, a CapitalLand subsidiary, told Business Standard while on a recent visit to Mumbai, "We're looking at entering the real estate and financial services businesses." Other CapitaLand group executives have been visiting India to study the market.

The Singapore-based multinational group's business portfolio comprises property, real estate, financial services, property services and hospitality companies.

It has a presence in 25 countries and derives over 60 per cent of its revenue and earnings from outside Singapore.

"India is a new market with vast potential for the CapitaLand group. At this stage, we are studying the business environment in India and evaluating opportunities," a spokesman said.

Besides real estate and financial services, the group is interested in exploring real estate services, including retail mall management and facilities management.

"Our service residence subsidiary, the Ascott group, is interested in providing service apartment management services in India," he said.

It is not clear what route the group will adopt for its foray into India or how much it will invest here. The group's hospitality chain, Raffles Hotels, recently entered into a strategic alliance with the Taj group to cross-sell properties in their respective markets.

"CapitaLand will explore the relevant real estate related opportunities as allowed under Indian law. We take a long-term view when investing overseas and so it is important that all national rules and regulations are properly assessed and appreciated," he said.