Singapore-based real estate firm CapitaLand Ltd on Wednesday said it plans to double its overall assets under management (AUM) to Rs 36,000 crore from Rs 17,200 crore ($7.2 billion).
In an interview to CNBC-TV18’s Nisha Poddar, Jonathan Yap, president, CapitaLand Financial said, "We are going to build from our existing areas where we are really strong like in IT parks, business parks and logistic centres. Recently, Ascendas-Singbridge and CapitaLand have merged together to form one of the largest diversified real estate companies in Asia."
Talking on India operations, he said, "India is relatively small just about 3 percent of our group asset under management. But we have got really big aspirations for India. We hope that the country will grow. So hopefully 5 or even 10 percent growth if we are able to find enough opportunities to fuel the growth.”
Yap said, "Since the global financial crisis, the market is going in one direction. The market has been very low and it's going to face some headwinds. I think that is how one normal market should be. So we were expecting some challenges not just in India but effectively globally. I think at the same time, we believe that there are challenges and there are opportunities also. So, obviously residential is a bit of under pressure right now. With a rising middle income and 1.4 billion population, India is still growing and I see a lot of opportunities there."
“From our perspective, currently we are focused largely on the commercial and industrial sector. There we believe there is a lot of opportunities firstly. India has got such a good education and a very competitive workforce," Yap added.